This part of the documentation is all about the layouts, which in some way lists items across the website. It is not related to a single post or single product template.
The Toucan theme provides quite a few different layouts for listing Posts, Products, and Product categories, which you can fully manage and tweak to your needs, then choose what layout you want to display on the Frontpage as well as other templates that can list items.
All of the layouts have very similar display options, like choosing whether you want to display a category link, price, metadata, a text excerpt, add to cart button, etc…
Product layouts
In Appearance -> Customize -> Theme Options -> WooCommerce panel, you can find a section called “Product Layouts”
There you will manage the appearance of your products that are listed across the website. So if you set your products on the front page to be displayed in, for example, Layout A, this is where you will fine-tune the options for Layout A product listing.
Product category layouts
Product category layout settings apply to areas which list your Product categories. Currently, they can be listed in its front page section or the main Product Categories page template.
Post layouts
The same way you set up your product listing, you can do so with regular posts. Layout options for listing posts can be found in Appearance -> Customize -> Theme Options -> Blog -> Post Listing Layouts. If you change these settings, they will be automatically applied to any part of the website that lists your posts.
Note: Changing the image aspect ratio
Whenever you change the image ratio for a specific layout, please make sure that you run the Force Regenerate Thumbnails plugin afterward, as WordPress needs to recreate and optimize existing images based on the new dimensions you specified.