Hello,
I did a test between the two modes of positioning, since I would have loved to use SatIQ for better battery life (which improved to +1d on avg when always using SatIQ) but it seems the positioning accuracy / distance tracking is Much lower than All+Multiband option.
I used two identical Fenix 8 AMOLED 47mm, all settings were the same except for the Satt settings. My partner and pressed start and stop at the same time. We ran side by side (same pace and mostly the same cadence) throughout the run. The sky was clear and we ran in an area with no large obstructions, a field. It was an easy long run.
The results: We ran for 20 Km - as recorded by my watch which used SatIQ (Auto-select), and the second watch (All+Multiband) recorded 20.8 Km (800 meters more).
That's not a huge difference, and for shorter runs it's possible that you might not even notice it, however for half or full marathon runs your data might be way off.
It resulted in a pace of 5:24 for the SatIQ watch, and a pace of 5:11 for the All+multiband watch. Depending on your level of rigor in training it might or might not matter, but if you take your training seriousy there's no room for such a big discrepancy in paces for long-ish distances. Some might even notice it based on RPE.
Another observation on this test was that despite both watches being worn the same and barometer calibrated at the same time, there was an elevation difference of about 5m total ascent and about 8m total descent. It was a mostly flat course.
I'll revert to using All+Multiband for longer runs, at the cost of more battery use.