Yet again JetBrains managed to implement an "ungoogleable" feature.
Yet again JetBrains managed to implement an "ungoogleable" feature.
If you hover over the icon there is an explanation text:

which means that this action will run Rename refactoring for the changed name of the symbol.
See IntelliJ IDEA 2020.1 EAP4: In-place Rename and Change Signature related blog post about it.
If there are no usages of this variable the Rename action (and icon) is dimmed and a bit different text is displayed (that nothing needs to be updated at this point):

I don't know what the "R" exactly stands for, but it's used to reflect signature changes and so for refactoring methods.
I found the reason. This icon would offer me to "Rename Usages" after renaming the variable. I figure that where the R comes from.
However, in this case, there was no other usage for that variable, therefore the icon was just grey and dead (no tooltip or functionality).