Just demonstration of your interest in the subject and some indication you understand the scope of it at degree level. They do not really care much to hear about your non-relevant extracurricular activities (e.g. that you play the flute at grade 8 level while applying to physics). Generally Oxford and Cambridge do not put a huge amount of weight on personal statements, especially for STEM subjects, in large part because they've stated that admissions tutors have no real way to know if it is the student's original work and they usually don't give them that much information.
Note that other universities may well put much more emphasis on the PS however, so you should still put effort into it. But if it's acceptable for most other unis it will likely be more than acceptable for Oxford and Cambridge. Also note that other unis may be more interested in those non-related/non-academic extracurricular activities, so it's still worth writing about them, but I would not suggest spending more than 20% of your PS on that. For most unis your PS should be focused primarily on the subject you are intending to study, discussing your interests in that subject and why you are hoping to study it, where possible "showing" rather than "telling" about your interest (e.g. not just saying "I am interested in X..." but "I read about A in book B which led me to concept Y which allowed me to explore my interest in X").