I used program change a lot when I had hardware synths. You could put in a value which would then change the patch on the synth. In list editor you get the option to hide different things. Program change is one of them.
In what cases can the ‘Program Change’ you mentioned in the comments appear? Is it a function that displays the corresponding log records when changing VST or plugins?
Just to clarify: the term “Program Change” is defined by the MIDI specification. MIDI is an abbreviation for Musical Instruments Digital Interface and Cubase supports the MIDI spec. Thus the usage of this term.
What you’ve marked on your screenshot is in essence the switch to filter any “Program Change” MIDI messages from being displayed in this editor.
The other items in the same line with check boxes, like “Aftertouch” or “PitchBend” are also filter switches, just for other types of MIDI messages.