The Move up and Move down commands in the ribbon will change the order that depth related information will appear on the template within a column.
The order that items appear in a column can be very important. The items will get drawn in order from top to bottom in a column. For text items that have text collision, such as Point Data Text, this means that the first item will be drawn first, and if a conflicting item would appear at the same depth, then this item would be drawn underneath, essentially on a new line.
For images and hatches, this order is important too. Essentially, the items that are further up the column also get drawn first, therefore for columns with multiple drawing features, such as well and backfill graphics, its important to make sure the images that should be drawn furthest in the background are drawn first.