The coefficient represents the change in Y per unit change in X. The factor range is -1 to +1 on the coded scale, or a range of 2. So the coefficient represents half of the change in Y. Say the coefficient is estimated to be 5. That value represents the change in Y over half the range. The Y would change by 10 over the entire range.
There are five related quantities in hypothesis tests: effect size, random variation, significance, sample size, and power. The signal to noise combines the first two quantities. The larger the ratio, the higher the power for the same significance and sample size. There will be a higher probability of rejecting the null hypothesis when it wrong.