No difference for the shared lib, for the static lib this means that the app that uses it can more efficiently drop unused parts of the irrlicht static library. In one of my apps, linking the sectioned libIrrlicht.a vs the old one, dropped binary size some 300kb.
(Users: your app needs -Wl,-gc-sections in LDFLAGS for the linker to do this. But I'm sure you all already had this enabled

Since I was now rebuilding irr anyway, had to check whether it had these flags. It didn't.)
tl;dr smaller binary if the static irrlicht is built with these flags.