RUB. When the RUB (rubout) key is typed while holding
down the SHIFT key, a non-displayable rubout code
(ASCII DEL) is transmitted to the computer. The cursor
is not advanced and the character code stored in display
memory is not overwritten. RUB is normally used to
tell the computer that a previous character should be
deleted.https://amaus.net/static/S100/learSiegler/terminal/Lear%20Si...
RUBOUT punched all the bits on punched paper tape. You could use it to actually edit the tape by feeding the tape back into the punch, if you created slack space with some NULs, which didn't punch any holes at all. RUBOUT the characters you didn't want, and punch the replacements into the NUL spaces.
Important to remember that ASR-33s weren't designed to be use with computers.