The line inside the braces is just the name of the variable that the shell will set for you, the value of which is the shell file descriptor. Brackets are not part of the name. To use it, simply expand the variable in the appropriate context.
$ exec {out}>out $ echo foobar >&$out $ cat out foobar
In your example, the file {out} was created
echo >&{out}
not the initial exec , the redirection of which created the out file, stored the selected file descriptor in the out variable.
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