The two settings are EDC and Power (throttle). If steering can be set I'd be surprised since my car is running V42 software. But yes OP, that controls the startup of those 2 functions prior to pressing the M button. Don't really see why they couldn't have made the steering option available too, and then shift lights and Drivelogic for DCT owners. Not like there'd be a safety concern like putting DSC startup options in there.
'16 Cayman GT4 (delivery pics
Gone but not forgotten:
'11.75 M3 E92 Le Mans | Black Nov w/ Alum | 6MT (owned 5/2011 - 11/2015)