IDs signify resource ids. The resource path /users/{id | userPrincipalName}/calendars/{id}/events/{id} can also be written as /users/{userId | userPrincipalName}/calendars/{calendarId}/events/{calendarEventId}.
This operation will patch the event with the specified ID. You can navigate the relationship through the following GET requests, where the id is the id property of any value in the previous request. This will help you get the correct ID to do the update you are trying to do.
GET /users
GET /users/{id | userPrincipalName}
GET /users/{id | userPrincipalName}/calendars
GET /users/{id | userPrincipalName}/calendars/{id}
GET /users/{id | userPrincipalName}/calendars/{id}/events
PATCH /users/{id | userPrincipalName}/calendars/{id}/events/{id}