Yes, if you disable the On-Access Scanner and leave Access Protection enabled, then we would consider VSE as a product that provides several protection components, to still be "active." Meaning, VSE's drivers are still loaded, components such as On-Demand Scanning, script-scanning, Access Protection are still functional, services are still running, and so on. All that is disabled when disabling the On-Access Scanner, is the product's ability to perform real-time scanning.
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