The Processor Type tells you which CPU family and performance tier a laptop uses -- for example Intel Core i3/i5/i7/i9, or an AMD Ryzen equivalent. Within a family, a higher number generally means more performance (i5 faster than i3, i7 faster than i5), though the exact generation and model also matter.
On a refurbished laptop, matching the Processor Type to what you actually need (light browsing vs. heavier multitasking) is one of the best ways to get good value without overpaying for power you will not use.