First of all I would recommend checking whether the documentation you are using is for MVC or portal engine development mode or for both: sample screen shot. So, you are referring to a documentation page which is related to portal engine model and not MVC.
Anyway, imagine you have a page type which has a field named "ArticleTitle". So, the macro format {%FieldName%} means that the macro to get the value of that title field will be {%ArticleTitle%}.
In MVC development model, the macro works only in Page title metadate field. Other fields do not have macro support. However, it does not make much sense to use macros here - because in your MVC code you need to call API to resolve macro -> macro calls another API to get the actual field value. So, there are two additional code executions while in your MVC code you can use the API directly to get the value from the page field you want and pass it to the view.