The SharePoint Config Store is intended for SharePoint developers, and provides the framework to be able to use a SharePoint list for application configuration values. This is useful when there are certain values used in a site or application's code, but we don't to hardcode them or even store them in web.config. Storing such values in a list means they can be easily updated (possibly by end users if you choose to allow this) without requiring access to the web server's filesystem.
Example config items for a SharePoint site/application/control could be:
'AdministratorEmail' - 'firstname.lastname@example.org'
'SendWorkflowEmails' - 'true'
The Config Store is also highly-optimized, and so offers more than just a simple implementation of just retrieving values from a list.
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These details are provided for information only. No information here is legal advice and should not be used as such.