It is for the autopilot, and when you set it, consider what you think is acceptable based on the load of the motor. Faster times require the motor to work harder, draw more current, and generally put more concentrated stress on the drive. Slower times would lessen those factors.
This action is also reflected in the operating setup, a higher number will affect the response in performance mode more than in cruising mode. With the response level in the p70 set to say, 3, or 1/2 scale, a faster hard over will be more responsive than a slower one.
The good news being that you can change it easily, so set it to something, go out and try it, and see if it works for you.
FWIW, I have my hard over set fairly moderate, the p70 is set to performance (race) and when "just cruising" the response is usually dialed down to "2", and sometimes that is even too high, the corrections are too large, and too often. Dropping the hard over a few points would settle this, but the point is, it's almost at the really fine tuning stage now.