Enable Speaker Data controls whether the Wii Remote speaker can produce sound. When using a real Wii Remote, the audio will come out of the Wii Remotes' speakers; with emulated Wii Remotes, it will come out of the system speakers.
Now, since you are using a real Wiimote, there is a workaround:-
You can also assign the Wii Remote to connect it as an emulated controller by clicking on “Controllers” button and then selecting "Connect Wii Remotes for Emulated Controllers".
Now, manually map all the things (like A button, B button) back to your Wiimote, and use “Enable Speaker Data”.
Also, there is one more feature:-
Speaker Pan allows you to shift the emulated Wii Remote audio to the left or the right on your system speakers, if Enable Speaker Data is checked. -100% is left, 0 is centered, and +100% is right.
Now, since you are using a real Wiimote, there is a workaround:-
You can also assign the Wii Remote to connect it as an emulated controller by clicking on “Controllers” button and then selecting "Connect Wii Remotes for Emulated Controllers".
Now, manually map all the things (like A button, B button) back to your Wiimote, and use “Enable Speaker Data”.
Also, there is one more feature:-
Speaker Pan allows you to shift the emulated Wii Remote audio to the left or the right on your system speakers, if Enable Speaker Data is checked. -100% is left, 0 is centered, and +100% is right.