Preset
A preset is a saved configuration (input and options) of a block or sequence.
Suppose there is a block that gets weather conditions from a city name. Instead of manually entering "New York" and setting "Celsius" as our preferred unit of measure, it's easier to save these settings in a preset. You can name it whatever you'd like, in this case "Get NY Weather" makes sense.
The other benefit of presets is they can be scheduled to run daily or hourly.