…and what does it do?
The function of either style of hub is to cushion the interface between the propeller and the propeller shaft. This reduces shock on the gearcase parts when the drive is shifted from neutral into forward or reverse gear, and, most importantly, it protects the drive train from damage if the propeller strikes hard bottom or a solid object. In fact, on severe impact the hub is intended to give way. This could destroy the hub, but it protects the prop shaft and lower-unit gears. In the case of a strike that severe, the prop is likely damaged anyway. And those gears and shafts are expensive to replace.
On impact, the rubber hub would likely break free from the propeller barrel. If this happens, you are almost certainly going to need to replace the prop with your spare to get back underway. The Flo-Torq hub has a cushion of durable Delrin plastic that is designed to give way on impact. If the prop blades are not too badly damaged you could get underway after replacing the Flo-Torq hub components in the field. This is why it’s important to carry a spare propeller and, if your prop has a Flo-Torq hub, a spare hub assembly, plus the tools and fasteners required to replace the prop.