I haven't yet understood the meaning of these lines. :/

Its a cool little feature, helps me tell if im lagging or not.

There has been a small addition to this, what is the red text?

What happens if it goes over 58? (/ips)

The red text is memory allocation.

The line is just a graphical show of your performance. The white line is your framerate I think, so if it's flat it means you're consistently on the max fps. Red spikes show skipped frames and not sure about the blue ones, seems to be tied to skipped frames/performance hiccups aswell