When using Live Share, you’re making the code you’re working on available such that your teammates can access it via a secure cloud service that remotes commands from your editor. Your teammates can open and edit the files without needing to store them in the cloud or permanently store them on your teammate’s machine.
Live Share enables instant access to capabilities like the project tree, code navigation, and search. It also allows your teammates to benefit from editor enhancements such as IntelliSense.