The whole topic of color management can get pretty dry and technical, but stick with it because there’s information here that’s useful and puts lots of other things in context.
This is both a panel in Adobe Camera Raw and Lightroom and a means of controlling the color rendition of a camera in a color managed workflow. Some studio and commercial photographers find camera calibration useful to achieve consistent and repeatable color rendition.
The Camera Calibration panel in Adobe Camera Raw and Lightroom was once used to apply camera-specific picture styles to replicate the in-camera styles offered by the maker. These are now found in the Profile menu, making the Camera Calibration panel unnecessary for many photographers.
There are a handful of basic tweaks you just know you’re going to want to apply to each image.