In WordPress Permalinks are specific URL for a content(post or page). Also known as pretty links
We can change or adjust the permalink from settings option:
It is important to have current setting for permalink,
1 Through permalink we can share or point to a specific page or post.
2. For social media sharing
3.To index our content to google we use permalink.
4. It is important for SEO, If the permalink, title and meta description of the content have the same keyword then it might rank higher on the search engine organically.
For permalink settings I usually prefer post name, Or from custom structure select postname and any other option you want to keep.
Warning: Never change permalink of a live website, It might mess up the website contents and even break the website.
Change the setting at the very beginning, straightway after WordPress installation.