Standard values on data templates are used to define default field values, default settings, and insert options for a data template1. They appear in the content tree as a child item of the data template called __Standard Values1. When a new item is created from the template, it inherits the standard values for its fields. If the value of a field is NULL, the item contains the standard value for that field as defined in the data template2. This way, standard values provide the default values for fields when a new item is created from the template and a fallback value when fields are left NULL2. References:
Configure standard values | Sitecore Documentation
Standard values | Sitecore Documentation
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