Microsoft employee John Wilcox revealed yesterday that Microsoft will remove the Semi-Annual Channel (Targeted) option from Windows Update from Windows 10 version 1903 forward.
Business customers have two options right now to define when updates get released: they may set a deferral period for feature updates and select between the Semi-Annual Channel or Semi-Annual Channel (Targeted). The latter two options may sound confusing at first but are explained easily.
Semi-Annual Channel (Targeted) is identical to what consumers get. It is the only option and that just means that two feature updates of Windows 10 are delivered via Windows Update to consumer devices each year.
Businesses had the option to delay when feature updates become available by switching to the Semi-Annual Channel instead. All that this channel did was delay the update availability by about 4 months. Starting in Windows 10 version 1903, that option won't be available anymore but the option to delay feature updates remains.
Microsoft changes Windows Update for Business options - gHacks Tech News