The Test button allows you to perform a test-run, calculating your formula for every record in your data. This has two primary uses:
It allows you to find and fix errors which only occur with particular input data - such as division by zero. If an error occurs, you'll find yourself looking at that record and its error in the editor.
It allows you to identify performance bottlenecks if your formula is under-performing.
After the test run has finished, a side panel will pop-in to the right of the formula editor. (You can resize the formula editor window if needed).
This shows a tree view of your formula. For each tree node, it shows the average time per evaluation, number of evaluations, and total time spent in that node for all records.
You can verify if your formula is being evaluated as you expect, and can find bottlenecks and use this information to consider more efficient formula structures.