When you change the Padding properties of a Job Block, you’re changing the space above and below the content inside that Job Block. When you set Padding to 0 (top and bottom), the content will directly ‘hit’ another building block. If you set Padding to e.g. 200px, you create space for breathing (e.g. for a quote). Padding gives you a lot more design-freedom!
In the Live Editor you can view the Padding settings in each block by hovering this block. Click ‘Appearance’ and hit ‘Padding’. Use the dropdown to choose the padding size (in pixels). Or type your own. You’ll see the padding will change instantly.