"Cancelable" marks something eligible to be cancelled by a "Cancel Delayed Actions" action. The rule in post 2 uses a similar-sounding "Cancel Timed Actions" action, but that actually does a lot more--and it will actually cancel a lot, including all delays or delayed actions, including those without "cancelable" set. (It also cancels repeats, waits, periodic triggers, and more, so I wouldn't get in the habit of using it to just cancel a delay; otherwise, some day you might accidentally cancel something you don't need to when you have more complicated rule actions.) So, technically, in the rule in post 2, you don't need "cancelable," but if it were me, I'd prefer to write it with "cancelable" and "Cancel Delayed Actions." Either is equivalent in that rule, however, since there are no other actions this would affect.
I probably just made things more confusing, but since you specifically asked about "cancelable," I wanted to make the scope of its impact clear.
To simplify the examples a bit, here's a very simple rule using a common pattern you'll see:
Triggers: Contact Sensor changed
Actions:
IF (Contact sensor open) THEN
Delay 0:10:00 (cancelable)
Notify "Door open for 10 minutes"
ELSE
Cancel Delayed Actions
END-IF
This will notify you if the contact sensor remains in the "open" state for more than 10 minutes. If your rule actions didn't have "cancelable," then "Cancel Delayed Actions" wouldn't do anything (though you could use "Cancel Rule Timers" still as a blow-it-all-away solution as above--you don't see this in examples usually). If you didn't have "Cancel Delayed Actions," then your "cancelable" flag is harmless but also meaningless. Some people are tempted to write the rule like this:
Triggers: Contact sensor opened
Actions: (in case you're just skimming, please don't really write this rule)
Delay 0:10:00
Notify "Door open 10 minutes"
...but that will send you a notification 10 minutes after the door is opened every time the door is opened, regardless of whether it's been closed in the meantime (or how many times it's been opened--you'll get a notification for each). You can imagine the surprise some people feel when they write motion rules in a similar fashion. Cancellation is the key to making things like this work as expected. (You don't need to write rules like either of these, though: the Notifications app can handle this, and Motion Lighting and even Simple Lighting can handle most motion lighting cases.)