Understanding Intellisense in Vscode

I am new to nodejs and started using vscode recently but pretty good with Javascript and its wonderful features. I am having some trouble understanding the parameters that the intellisense is showing.

What exactly does this line mean, this intellisense is so confusing!. Is there some extension that I can install which will give the boiler plate code if I want to use for eg: watch method.

Thanks and please dont down vote, this is a genuine question as to how to make sense of the intellisence.

Thanks, Yash

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