What it means
Teams lobby bypass controls which categories of participants may enter a meeting directly and which wait for admission. The organizer's options and the organization's policy determine what choices are available. Who can admit from the lobby is a separate control.
A real-world example
A forwarded link reaches a contractor. The contractor waits while the organizer verifies that this person was invited, then admits them. A broad Everyone bypass would remove that pause for eligible joiners.
What to do
For sensitive meetings, select the narrowest practical bypass group, name who can admit and check unexpected participants before sharing private material.
The distinction that matters
The lobby is not a secure identity check by itself: names can be unfamiliar or misleading, and policies can alter guest behavior. Admission also does not determine who can present, record or receive a shared file. Microsoft lists these as distinct meeting options.
Microsoft's lobby settings Microsoft's meeting controls