I've never really understood just what half life means in practical terms.
It's indeed the time it takes for the body to eliminate half of the drug. But it doesn't work like most people think.
If a drug has a 2 hour half life then;
00:00 hours - Consume 10mg
02:00 hours - Body eliminates half (5mg) so there is now 5mg floating around in the system
04:00 hours - There are now 2.5mg floating around in the system
06:00 hours - There are now 1.25mg floating around in the system
etc. etc.
The reason it's useful is because half life and duration are kind of tied together. In the above example the first two hours would be the "peak" (after the drug itself takes effect of course). 2 hours later you'd start to "come down". 4 hours later you might not feel like you're on the drug anymore but there is still 1/4th of it floating around in the system. The next day a tiny tiny bit may remain. Enough to be detected on a drug screen probably.
Shorter half life usually means quicker onset and duration. But the effects of a drug on any given person are subjective of course and there are some oddballs out there. It's useful information to know because there can be big differences in half lives even with closely related drugs. For example, 2C-B have a 1.5-2.5 half life. Short acting drug. Can take it and most likely be normal enough tomorrow to go into work or do whatever you need to do around sober people. 2C-G has an 18-30 hour half life. Take it tonight and you'll still be feeling strong effects 12 hours from now and maybe even 24 hours from now. Maybe even still feel like you're on the peak (I did). The flip side: 2C-B has a pretty fast onset as you'd expect from most other drugs. Where 2C-G can take 3-4 hours before you even start to feel first alerts (at least that's how it was for me).
Take xanax vs. valium. Xanax has a very short half life which makes it more addictive and makes withdrawal feel more extreme if you've been taking it everyday (or multiple times a day) for awhile. Valium on the other hand has a very long half life but the onset is a bit slower than xanax (but not as slow as something like 2C-G, even though the half lives are comparable). Assuming someone is addicted to xanax and wants to quit replacing xanax with valium for a week or two then tapering the valium slowly will provide a much nicer time than attempting to taper xanax. Since xanax's halflife is so short it requires multiple doses over a night/day to keep the levels in the system high enough to starve off withdrawals. Valium on the other hand can be taken at say 8pm and you can be pretty sure that you'll sleep all night peacefully without waking up in withdrawal. It will still be in your system the next morning doing its thing.
As far as this calculator. I would not rely on it. Since some drugs (like 2C-G above) have highly variable half lives depending on what organism is taking the substance. Most of the quoted half lives are from testing done on rats, monkeys, mice and other lab animals. Sometimes you'll get some solid numbers from human testing. But many substances in common use haven't had human testing yet. Then there is the issue that half lives can widely vary depending on what kind of human you're giving the substance to. Even two people from the same race can have varied results depending on how their liver processes the substance or how the substance is injested (e.g. orally, nasal, IV, and IM).
Your best bet is to use a resource like erowid to check for known half life. If it isn't listed there search for papers on scihub. Then do some quick math yourself with a calculator to get an idea of how the half life is for whatever substance you're taking. From there slowly test the substance yourself and see how it personally affects you.
Also half lives aren't always tied directly to peak effects of drugs. But they're a pretty helpful rule of thumb to go by if you're unfamiliar with a substance. This is where reading trip reports comes in. Reading multiple trip reports (hopefully with timelines) will give you a general idea of how the substance affects the average person. Unless a substance is really really new usually there are at least a few reports floating around. If not and you're not willing to be everyone else's lab rat then you should hold off and wait until some appear or papers pop up in the journals.