Easy Mode means that Players who play in Easy Mode can get better loot Easier than other players who play normally. Meaning that anyone who plays Easy Mode will have an Advantage faster than others.

Is Elden Ring going to have an easy mode?

Elden Ring and Breath of the Wild

Although it isn't talked about much, there are no difficulty settings in Breath of the Wild, and much like a Soulsborne game, all players get the same experience.

Will Elden Ring have a difficulty setting?

Elden Ring will not have difficulty settings. This was reportedly confirmed by Hidetaka Miyazaki during an interview with Famitsu that was translated by Frontline Gaming Japan.