Managed paths are used to customize the URL of sites in order to make the URL more user-friendly and align them with your business requirements.
Managed Paths
It also helps the users to recognize what kind of URL they are accessing. Basically, there are two types of managed paths:
Creating managed paths is only available on SharePoint on-premises and not in SharePoint Online / Office 365. There are only two inbuilt managed paths online, i.e. /Sites or /teams
SharePoint Online And Office 365 Administration