To the right, in the Settings window, is a group of 3 columns labeled
Action, Type, and Description. These columns apply to whatever
application is highlighted at the left. This means, of course, that, as
you click down the list at the left, a different set of Actions will show
up on the right, for each application. All of the Actions showing on
the right apply to whatever application is highlighted.
The top item in the Applications list is Global Settings. These are settings
that will apply whenever you are working in an application that does not
have settings of its own. In "Global Settings Only" mode, these Global
Actions will always apply, regardless of the current Application or its
settings.