Enable LTE?
What's this setting for? I found it in SETTINGS > Cellular and you toggle it to be ON or OFF.
Verizon is my carrier.
I specifically want to know if it helps me in save data or get better signal.
iPhone 6, iOS 8.3
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LTE is a faster link via cellular to the internet. It won't save you data. It's signal strength depends on the particular area you're be using it in. I tend to just leave mine off (Verizon) since I don't require the increased speed/throughput when I'm out and using the cell network.
See: https://en.wikipedia.org/wiki/LTE_%28telecommunication%29