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Converting generators and converting loads have different meanings in the dynamic simulations.
As the output or interface to the transmission network of each genertor models is the dq currents, CONG is to initialize the in-service machines in the working case and "transform" the generator to a current source model (i.e., Norton model). So the generator dynamic models can be integrated.
About load conversion, the main purpose is to represent the realistic behavior of the load under dynamic. It is normally not constant power as used in power flow. The normal practice is to represent active power as 100% constant current type, reactive power as 100% constant impedance type.