The MSDN definition is:
Asynchronously refreshes and optionally saves all the data of the form without reloading the page.
Why we leverage on this method?
Xrm.Page.data.refresh(save).then(successCallback, errorCallback);
The obvious reason is that we want the actual data displayed on the form, the inner reason is due to the Dynamics CRM platform, a record can be updated in several ways including workflows or plugins operating server-side.
Most of the server-side events don't refresh the UI, but with the Xrm.Page.data.refresh method we can manually force the page to display the current values.
If we want a simple refresh we can just write:
A small advice will appear during the operation
Xrm.Page.data.refresh(false);

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