I assume your computer is behind a router where you are connected to its WiFi. In this case the software firewall you are seeing is totally useless and from what I remember, it is not even turned on by default. It is your router that blocks all outside access to your computer and the IP address on your computer is not even accessible from the internet. There is not security benefit in turning it on in your case, although it will make no difference either way, even if you block all connections when it is on.
A use for the software firewall such as that is when you are connecting multiple computers together on a network to prevent access from one computer to the other. Usually this is done with other Trusted Devices, so there is little concern in blocking any access. The ones you see listed there are standard Apple processes seen on all devices. You have many more options when connecting computers together in this manner, and that is usually managed by a companies IT department to control access.