A regular expression is a small pattern language for describing text. Writing one is famously an iterative process: you try a pattern, discover it matches slightly more or slightly less than you meant, and adjust. Doing that loop inside a codebase, with a rebuild between each attempt, is painfully slow.
This tester closes the loop. Every keystroke re-evaluates the pattern against your test text and highlights what matched, so you see the effect immediately. That immediacy is what makes the difference between guessing at a pattern and understanding it.
Capture groups get their own panel, listing each match with its numbered groups, any named groups, and the index it was found at. This is usually where the real bug is. A pattern that appears to work often has its groups off by one, or is capturing a wider span than intended because a quantifier is greedy. Seeing the groups laid out per match makes that obvious in a way that reading the pattern does not.
There is also a replacement preview, where you can supply a replacement string using the usual dollar-sign references and see the substituted result. That covers the other half of most regex work, which is not just finding text but rewriting it.
The engine is JavaScript's own RegExp, running in your browser. That means the syntax and behaviour match exactly what your JavaScript or TypeScript code will do, including lookbehind, named groups and unicode property escapes. It also means the dialect differs in places from PCRE, Python's re, Go's RE2, or the flavour your database uses, so a pattern verified here is verified for JavaScript specifically.