In very rough terms it can be considered a measure of the noise in the image. If you use the live stack feature you will note the std falls as new subs are integrated. Std should drop by approx 42% with each doubling of frame count.
In terms of setting gain/exposure use tables like these:
https://www.cloudynights.com/topic/573886-sub-exposure-tables-for-asi-1600-and-maybe-qhy163/