The Doublesided setting in the material properties does indeed control whether backface culling is applied.
In order to understand how it works, it's important to know that every polygon in a 3D mesh has a front face and a back face. If the back face is pointing towards the camera, it will be hidden (culled).
Whether the face is considered front or back is determined by the direction of its normal.
You can easily adjust the normal direction of each face in a 3D modeling software, such as Blender.
It may sound overwhelming, but having the correct normal direction is essential for proper geometry and material display.