Ah, soft limits, getting it now

Yes you want that.
Before pressing it, you need to get the machine homed(referenced) and work out what your soft-limits actually are - mostly about 2-3mm before each hard limit(if fitted) or 2-3mm before the maximum travel of each axis.
Those figures are then entered into the "limits" table in the "soft min" and "soft max" columns, save the data and exit the page.
Now, jog to a safe position somewhere near mid axes on all axes if you are setting XYZ in one go and the press the soft-limits button.
Fingers crossed you will not get any error messages and the LED will stay on - your soft limits are now set and you can happily jog about without risk of hitting the ends.
The jog speed should also be as defined in Jogging % on whatever screen that is on.