This is a section where you can display the latest posts of your blog, events or news if you have such a section in your website. It is called “latest post” on the wordpress editor and there is some customization to it.
For example. This that you see is an excerpt of the post (can be done manually) to display either a summary (manual) or the content of the post (automatic). You can also limit the number of words to be displayed in the excerpt therefore controlling the size of the texts.
There is some level of customization for this section like if you want it to be in columns (like now). How many posts to display, for many columns. Or if you want them one by one. Also with an image, what size of the image, the date the author and a lot of things. You can check all the features on this section of the homepage.