The properties panel displays different controls depending on which content element you selected. Here is a description of some of the most frequently used ones.
Padding settings can be configured both for all sides of the selected element...
... or separately for each side.
Border settings can be configured both for all sides of the selected element...
... or separately for each side of a button, column, etc.
Dividers help create visual separation between design elements. They can be transparent...
... or visible. Here too, granular control on padding provides great design flexibility.
As you pick colours for fonts, background colours, etc., the editor will learn and remember them, making them quickly accessible to style future content elements.