Bench policy (RTO)

My manager has asked me to share my Work from Office (WFO) index for the last two months, which is in the range of 20–30%. He mentioned that if the WFO index is less than 85%, then project allocation can be put on hold. In practice, this means I could be considered as being on the bench, and I’m aware of the bench policy. I wanted to understand from others — in such situations, what typically follows? Does this imply they are preparing to put me on the bench? Also, if I become unallocated, would I be free to look for other internal projects immediately?