This last settings section in the content settings menu allows you to control the space between the object and the block (object container), hide the whole block, give the block an ID to identify it easily, and create an anchor link.
Increasing the padding allows you to control the space between the object and the block or object container.
Hide On (View Options)
Control what page content will be seen through desktop and mobile. If the icon is blue, it's hidden from that type of screen. To reset, click the X so the page content will show on both screen types.
The Block Identifier ID works together with the Internal Link Action setting to create an Anchor Link. An Anchor Link is a page object that links to another object or location on the same page. They are typically used for long or text-heavy pages so visitors can jump to a specific part of the page without having to scroll as much.
The Block Identifier ID generates when you enable it. This ID is customizable; make sure to change the ID to a unique text that serves as a label or identifier for that object.