With the cheat enabled, objects can be moved vertically or onto surfaces they should not be able to be placed. However, MoveObjects in Sims 4 has additional features. The cheat is no longer necessary for this even without cheats or mods, you can move objects at any time even if a Sim is interacting with them, and the Sim will terminate their actions and reset themselves to a nearby tile. MoveObjects used to be used in the Sims franchise to shift household objects when Sims were stuck.
You can close the cheat console by pressing the same combination of keys or buttons as you did to open it. The coding serves as a toggle, so if you need to turn it off, simply re-enter the code.