Given this incremental model SQL snippet, what will happen when you run dbt run --full-refresh?

Given this incremental model SQL snippet, what will happen when you run dbt run --full-refresh?

{{ config(materialized='incremental') }}

select id, updated_at, data
from source_table

{% if is_incremental() %}
  where updated_at > (select max(updated_at) from {{ this }})
{% endif %}