You will find this setting at Dashboard -> Support -> Settings ->Cron Settings. Below are settings available:
This setting will allow you to schedule a task i.e. to be executed after a specified time interval. Here, it is used to send email notifications for Email Piping, Satisfaction Survey, etc add-ons if activated. It can be done by two ways:-
WP Cron (WordPress Cron)
It is a wordpress task scheduler that will run on every single page load after a specified time interval. Here, 5 mins time interval is set by default.
It will set the cron in your hosting cpanel to execute command every minute.