The provided CSS code snippet applies several styles to the body element of a webpage. It includes properties to enhance font rendering and control scrolling behavior. The -webkit-font-smoothing: antialiased; property is used to make fonts appear smoother on WebKit-based browsers like Safari and Chrome. The -moz-osx-font-smoothing: grayscale; property is for Firefox on macOS, ensuring that fonts are rendered in grayscale for better readability. The text-rendering: optimizeLegibility; property is a hint to the browser to use a text rendering mode that prioritizes legibility, which can improve the appearance of text, especially for larger font sizes. Lastly, the overscroll-behavior: none; property prevents the default scroll overflow behavior, such as the bounce effect seen on some touch devices, providing a more controlled scrolling experience.