Special Price can be set to a product and will appear on the storefront instead of the regular price which will be displayed as crossed-out.
Special price can be applied to a specific period of time by changing the start and end dates "from" and "to".
Magento 2 special price configurations support:
Determines the discounted amount
Special Price From / To
Determines the Start Date and End Date for the special price promotion
The price will be updated on the front-end immediately after save as they are part of the ScandiPWA caching solution that will invalidate caching entries for the updated content. No cache flush or any other manual operations are necessary. Content will be visible after page refresh and a new cache entry will be stored.