The page template renders a standard page's content, such as your about, privacy policy, or terms pages, edited from Online store > Pages.
This section only carries the standard Color scheme, Content style, and Framing text options described in Theme settings, plus advanced style overrides. It has no content settings or blocks of its own, and it uses your page's content directly, so to change the copy, edit the page itself.
Two page templates build on top of this section: the Contact template adds a Contact form section below the page content, and the FAQ template adds an FAQs list.