Compared to the older H.264 codec (mentioned confusingly as "264" in your filename, likely a typo or tagging error), HEVC reduces the file size by approximately 40-50% while maintaining the same visual quality at 720p. This saves storage space and bandwidth.
The this filename indicates is that it uses HEVC (also known as H.265) compression at 720p resolution . Download From S03E04 720p HEVC WEB DDP2 264 HDKing mkv
Here is why that is a valuable feature: