True and False can be used for many things. For starters, they can be used to tell a loop how long to execute. Take a look at this code:
executeLoop = True
i = 0
while (executeLoop): # This means the loop will execute while executeLoop is true
i = i + 1
print(i)
if (i == 5): # This statement stops loop execution when i equals 5
executeLoop = False
continue # Skip directly to the top of the loop to quickly exit
If you don't understand all of this code yet, that's okay. In this code, the while loop only executes as long as the variable executeLoop equals True.
You can also use variables holding True or False to hold specific values for your program. For example, if you are making a game and no one has one yet, you could have a variable called "winner", and set it to False. When someone has one, you can set it to True.
Hope this helps!