Yeah, process monitor can be tricky to see what you need until you add a ton of custom filters etc.

Some other tools to investigate things: Process Hacker, RamMap, Process Explorer (enhanced task...

You can find out for yourself. Download regshot
regshot - Browse Files at SourceForge.net

Close all apps, don't do anything while testing.
Take 1st shot
Toggle the Setting
Take 2nd shot
...

Option 5

Use Powershell:
Off
Set-ItemProperty -Path HKCU:\Software\Microsoft\Windows\CurrentVersion\ContentDeliveryManager -Name SubscribedContent-338388Enabled 0
On
Set-ItemProperty -Path...

...or hit the system wide hotkey <F5> to refresh :)