Short answer
HubSpot's KB says you can manually resubscribe an opted-out contact if you provide a legal basis and explanation. The Manage communication subscription workflow action cannot resubscribe contacts who opted out themselves, only ones unsubscribed by your team. Opted-out contacts still get one-to-one and transactional emails. The Resubscription email setting lets unsubscribed contacts opt themselves back in.
1. Subscription settings
Email subscription settings in my demo portal:

2. The resubscription email
It is off in my demo portal until an email is published.

3. Related
Opting out a contact and subscription types.