Code snippet explanation

Hi

I’ts not clear for me what to place in code snipped textarea in plugin settings.

For example I have google analytics inserted by a WP plugin called Insights that insert this code:

<!-- This site uses the Google Analytics by MonsterInsights plugin v7.1.0 - Using Analytics tracking - https://www.monsterinsights.com/ -->
<script type="text/javascript" data-cfasync="false">
	var mi_version         = '7.1.0';
	var mi_track_user      = true;
	var mi_no_track_reason = '';
	
	var disableStr = 'ga-disable-UA-XXXXXX-X';

	/* Function to detect opted out users */
	function __gaTrackerIsOptedOut() {
		return document.cookie.indexOf(disableStr + '=true') > -1;
	}

	/* Disable tracking if the opt-out cookie exists. */
	if ( __gaTrackerIsOptedOut() ) {
		window[disableStr] = true;
	}

	/* Opt-out function */
	function __gaTrackerOptout() {
	  document.cookie = disableStr + '=true; expires=Thu, 31 Dec 2099 23:59:59 UTC; path=/';
	  window[disableStr] = true;
	}
	
	if ( mi_track_user ) {
		(function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){
			(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),
			m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)
		})(window,document,'script','//www.google-analytics.com/analytics.js','__gaTracker');

		__gaTracker('create', 'UA-XXXXXX-X', 'auto');
		__gaTracker('set', 'forceSSL', true);
		__gaTracker('send','pageview');
	} else {
		console.log( "" );
		(function() {
			/* https://developers.google.com/analytics/devguides/collection/analyticsjs/ */
			var noopfn = function() {
				return null;
			};
			var noopnullfn = function() {
				return null;
			};
			var Tracker = function() {
				return null;
			};
			var p = Tracker.prototype;
			p.get = noopfn;
			p.set = noopfn;
			p.send = noopfn;
			var __gaTracker = function() {
				var len = arguments.length;
				if ( len === 0 ) {
					return;
				}
				var f = arguments[len-1];
				if ( typeof f !== 'object' || f === null || typeof f.hitCallback !== 'function' ) {
					console.log( 'Not running function __gaTracker(' + arguments[0] + " ....) because you are not being tracked. " + mi_no_track_reason );
					return;
				}
				try {
					f.hitCallback();
				} catch (ex) {

				}
			};
			__gaTracker.create = function() {
				return new Tracker();
			};
			__gaTracker.getByName = noopnullfn;
			__gaTracker.getAll = function() {
				return [];
			};
			__gaTracker.remove = noopfn;
			window['__gaTracker'] = __gaTracker;
					})();
		}
</script>
<!-- / Google Analytics by MonsterInsights -->

Do I have to put all this code inside textarea?
Thanks