Hi,
When MIDI Out is set to Any then the MIDI tracks sends MIDI data at all MIDI Channels. It depends at every single MIDI message, which MIDI Channel does it use.
If you set MIDI Channel to 1, all MIDI messages are converted to MIDI Channel 1. Even thought there is a MIDI message (MIDI Note or MIDI Controller or PitchBend…) on Channel 2 in the MIDI track, Cubase sends it out on MIDI Channel 1 thanks to this settings.
But if you set Any, the original MIDI Message Channel is used.
More info here.