It's called "validating" (!), and it's meant to check that "editorURL" contains a URL containing the word "file" or "http". It's not that good of a regex actually, but better than nothing. A start would be to at least check that file or http are at the beginning of the URL, not as it is now anywhere within it.
/^(file|http).*/.test(url)
This is also only client-side validation, meant to give the user instant feedback on the validation. You should have at least the same rules, possible even stricter, on the server-side as well. The server-side validation are for catching errors before they reach your database/data-layer, but also to protect against crackers (anyone can work around the client-side validation if they want to, so never trust data from the client).
Edit: My pattern above means (step by step):
/
this is the beginning of the
regex pattern
^
start matching from the beginning
of the text (beginning of the url
variable. This is missing in original pattern)
(
start a sub-pattern (pattern within
the pattern - mostly meant for
grouping)
file|http
match literally file OR
http
)
end of sub-pattern
.
any character
*
repeat the last character zero or more times (in this case "any character(s)")
/
end of regex pattern