Simple answer, you may have custom print settings that you want to save as a preset for repeated convenience.
For example, I often need to print 4x6, 5x7, 8x10 & 13x19 borderless photos and tabloid spreadsheets using the rear feed on my printer. I made each of them a custom preset so I don't have to go through all the individual print settings each time I want to print something - paper size, portrait vs. landscape, media type, color vs. greyscale, color settings, quality, etc.
A Print Job Preset might be 5x7 borderless photo in high quality color on Premium Paper. Then I might have 2 custom presets based on it: 1) a Custom Preset in high quality color on Epson Velvet Fine Art paper and 2) a Custom Preset in greyscale on plain paper. Think of Custom Presets as subsets of a Print Job Preset.