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The Licensing window allows you to do more than just see what license level and extensions have been assigned to you. It also allows you to determine what type of ArcGIS Pro licensing you want to use, check out a license for use in the field, and more.

ArcGIS Pro supports three basic types of licensing: single user, concurrent user, and named user. Named user is the default and requires you to have a username and password in your organization’s ArcGIS Online or ArcGIS Portal. Single user licenses are the traditional software license, where the software is licensed to a single computer. Concurrent licenses are sometimes referred to as network licenses. These make use of a license manager that is typically installed on a server and controls how many users can be running the software at once.  To learn more about the types of licenses supported in ArcGIS Pro, go to http://pro.arcgis.com/en/pro-app/get-started/licensing-arcgis-pro.htm.