For each magnetic field, it relaxes the ions to their equilibrium positions when frozen_ions=.FALSE. or keeps them in the original positions when frozen_ions=.TRUE..
Therefore the resulting magnetoelectric tensor contains both the electronic and ionic contribution in the first case, or only the electronic contribution in the second case. When using frozen_ions=.TRUE. it is important to calculate the equilibrium atomic positions and not use those strained from the thermo_pw input using the flag ltau_el_cons_from_file (please check the use of this flag in the what='scf_elastic_constants' option.
To control the grid of magnetic fields used please see the what='scf_magnetic_susceptibility' option.