This effect is part of Animation Container block and allows to add vertical or horizontal shifting while scrolling. You can find this effect in Advanced tab of Animation container block.
You can do the same effect via regular transform options but Parallax section is just more faster way to do this effect. Also, you can combine it with regular transform because they work independently. For example, you can add one reveal effect on initialization and then object will move while scrolling with parallax effect.
Here are few ways to use Parallax to object
Animation area panel
In advanced – animations, enable GSAP library, set some transform options and enable Interpolation
Animation Container’s Quick Parallax panel
You can wrap your block with animation container and set parallax effect in Advanced tab
If you want to calculate start and end points automatically, leave the trigger start and end empty. The block will be animated until it’s visible on the screen