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Settings: Preview Editor

One page, four sections, no tabs.

General

Editor appearance
Overlay or Windowed. Overlay fills the screen the way the capture overlay does. Windowed opens a normal, resizable window you can move around and put beside something else.
Windowed by default.
On Windows 10 this row is fixed at Windowed and greyed out, with a note explaining that the overlay editor needs a see-through surface that version of Windows cannot provide.
Show toolbar group labels
Puts a small caption under each group of editor tools, so you can read what a cluster of icons is for.
On by default.

Image Editor

These three decide what happens when you close the editor after a screenshot.

Automatically copy changes on exit
Puts your edited image on the clipboard as you leave, so it is ready to paste.
On by default.
Automatically save originals
On by default. This does not decide whether your capture is written to a file. It is always written the moment it is taken. This decides where. On, the untouched original goes into your capture folder and stays there. Off, it is held in a temporary place until you choose Save yourself, so your capture folder only ever collects things you meant to keep.
Ask to save edited screenshots
Prompts you rather than deciding for you when you close with unsaved changes.
On by default. See the unsaved changes prompt.

Video Editor

The same three settings again, applied to recordings rather than screenshots, so you can treat the two differently.

Automatically copy changes on exit
On by default.
Automatically save originals
On by default. Same meaning as above: it decides where the original is kept, not whether one exists.
Ask to save edited videos
On by default.

Covermarks

Custom overlayed text
The words a text covermark stamps across your capture. See Crop and covermark for what a covermark is.
"CONFIGURE TEXT IN SETTINGS" by default, which is the app telling you where to change it.

The description under this row is not fixed text. It names the folder your own covermark images are read from, so you can put your own artwork there.