It was using the value in the form to validate the entered email address against the valid one. In a real system you would hope this was stored on the server so that it could not be edited. But in this example the developer decided it would be a good idea to store it in the HTML … a bad idea.
You can also use a html file from your desktop to send data to a website. But it won’t harm the server (in normal use)
When you ‘edit’ the page you it won’t be saved it’s just during runtime so you can’t shut a website down doing that you just can edit the script to test something. you could also copy the whole source to a html file on your desktop and edit it there it’s just an easy way.
As ColdIV said when you change the code in the browser it only changes it locally. This has the same affect as saving the source code into a file on your machine, editing it and opening that in the browser.