The swing setting affects every other grid-point, either pushing towards the next grid point, or pulling back towards the previous grid point. Swing is useful for creating jazz and hip hop feels.
0% swing leaves every other grid point unaffected (no swing).
100% swing pushes every other point all the way to the next grid point.
-100% swing pulls every other point back to the previous grid point.
33% swing pushes every other point one-third of the way to the next point. This is a common setting for jazz swing feels.