The wording used across the panel and the site can be overridden here, with no code change.
An override replaces, it does not edit
Each key's original text ships with the software and stays untouched. What you write is a layer over it.
Which makes removing an override always safe: the text returns to what the software provides, not to nothing.
An update does not erase your override
Because overrides are stored separately from the shipped text, a new version of the software does not write over them. That is both the benefit and the risk: if the original wording improved in the new version, you still see your older one.
Keys are grouped by namespace
Every key belongs to a namespace saying which part of the product it comes from. When you can see a phrase in the panel but not find its key, searching the text itself is usually quicker than guessing the key.
Placeholders must be kept exactly
Some texts contain placeholders — fragments filled in with a real value when displayed. Remove or alter one in a translation and the user is shown the placeholder itself instead of the value.
So the placeholder's form has to stay identical; translate only the words around it.
A change may not be visible everywhere at once
Text is held in memory for speed. Your change is saved, but it may not appear everywhere immediately.