It can mean either:

Having to go through a number of laborious, tedious steps to do what should be a simple job, as in, "I thought it would be simple to change the hair material but it was a real faff about".

or:

Doing stuff aimlessly, or to no purpose, or needlessly adjusting, tweaking or altering something.  Imagine a small child who can't resist pressing buttons, turning dials and the like.  As in, "Samuel, stop faffing about with the television!"

Coppula eam se non posit acceptera jocularum.

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