The interval is how often a monitor checks the site. Faster means you hear about changes sooner, but checking too aggressively can get you rate-limited or blocked. Available intervals run from 5 seconds to 1 hour (the fastest options depend on your plan).
If a site starts blocking you, slow the interval down or add proxies.
Monitors that scan an entire catalogue each check (most branded-store types, or Shopify with "all products" on) make many requests per scan, so their fastest interval is 30 seconds. This protects the store from being overloaded and keeps your monitor from getting blocked. Single-product monitors aren't affected and can run as fast as your plan allows.