From the Help file:
The orbit state vectors provided in the metadata of a SAR product are generally not accurate and can be refined with the precise orbit files which are available days-to-weeks after the generation of the product.
The orbit file provides accurate satellite position and velocity information. Based on this information, the
orbit state vectors in the abstract metadata of the product are updated.
Applying orbit files in SNAP:
Menu > Radar > Apply Orbit file
Things to keep in mind: