Name: This is the name of the block in the Block Library. By default it will have the name of the block template in this field. It is recommended that you update this to something that is more easily searchable.

Description: As the title implies, this allows you to note what the block is being used for.

Tags: These are keywords that will allow you to search for the block in the Block Library.

Disable block: This turns the block off so it doesn't show its contents on the front end of the site. The block will remain in place is the Design/Blocks application but will change to a red color on the page.

Block usage: This shows every URL where this block is being used on your site.