Chromatic aberration correction is usually off by default because it is a more invasive correction than peripheral illumination (vignetting) correction.

Peripheral illumination correction is predictable and largely lossless, so it is safer to apply automatically. Chromatic aberration correction, however, works by detecting color fringing and replacing affected color information using nearby pixels. That can reduce fine detail and is not really reversible once applied in-camera.

It can also affect camera performance. On Canon bodies like the 650D/700D generation, enabling in-camera JPEG corrections can reduce burst depth because the camera has to do more processing.

A practical rule:

• Leave it off if you want maximum burst performance, shoot RAW, or prefer to correct later in software.
• Turn it on if you mainly shoot JPEG and want cleaner files straight out of camera.

You generally would not shoot, inspect the LCD, and then re-shoot just to decide on this setting. It is better treated as a shooting preference you choose in advance based on whether you value in-camera convenience or maximum speed and flexibility.