In America, "substance" has the denotative meanings listed in the other writeups. However, it may also refer euphemistically to recreational drugs. Common phrases include "substance abuse" and "controlled substances."

Another use of the term maps the tangible/intangible dichotomy onto thought, so that a communication that is "substantial" has significant data, meaning, or information. One that is "insubstantial" has less to say. Consider these two conversations:

How are you?
Fine, thanks.

How are you?
Pretty happy, ever since I beat back those demons that were trying to invade through my dog's water bowl, as a result of the alchemical experiments I conducted with my father when I was seven years old. If you ever need to stop any demons, you should know that they like tubers.
That's fascinating. I wonder if that's why my parents abandoned me and sent me to live on Uncle Grant's rutabaga farm when I was a girl.

The first conversation is insubstantial. The second is substantial.