I played with it, meanwhile, and it's not really 'it'. E.g. settings gives me 4 different options, all doing different things.

emacs and vscode treat this function as a primary entry to the functionality, and have tuned the names and namespacing to this kind of usage. E.g. vscode has micropython:configure project.

This is a search function for the existing gui with reuse of existing names. As the surrounding context is lost, it is hard to say what a name means.