The layer panel contains a structured overview over all layers with their respective names, materials, and types (e.g. silk screen, solder paste, signal layer, etc.). Additionally, each layer is assigned a specific colour making it easier to spot layers of the same type on first glance (e.g. orange for copper, green for solder mask).
If possible, this layer overview gets generated automatically, but it should be noted that not all data formats provide the same degree of information, some - especially Gerber as the most "basic" format - lack necessary information like the layer material and being only a single file also the layer structure which should be complemented manually.