Letters at the signal often indicate the route to be taken - for example, Fast line, Slow line, Line "A" or whatever.
The word "OFF" is often found near the rear end of the platform, where it acts as an indicator to station staff and the conductor/guard of the train. It is particularly helpful when the departing signal cannot be sighted from the rear of the train because of a curve, station structures, etc.
Station dispatchers/conductors are not allowed to give the departure signal to the driver unless the signal ahead is clear, and the word "OFF" informs them it is. If it were not clear, the sign will read "ON"
The words "Off" and "On" go back to the early days of signalling practice. Signals simply consisted of a wooden board horizontally across the track forbidding a train to pass. So the board was "on". When it was safe to proceed, the board was lowered, raised or removed, so the board was then "off"
Older railwaymen still sometimes refer to the "board being on or off" even with a modern colour-light signal.
I hope this has answered some of your queries.