An Amazon SNS topic with a subscription filter policy in place does not deliver all messages to the subscribed Amazon SQS queues. Instead, it filters the messages based on the attributes included in the policy. This means only messages that match the attributes as specified in the subscription filter policy are delivered to the subscribed SQS queues. Therefore, messages that do not match the filter criteria will not be delivered, despite the queues being subscribed to the SNS topic. This adds a layer of specificity and control to message delivery in distributed systems.