For those curious, those options are found by going to Menu -> View route -> Browse as Text -> Options. (And possibly elsewhere.) You must have an active route to get there.
What this does is change which data is displayed when you go to Menu -> View route -> Browse as text. In the first column before the turn arrow and street name you can determine which type of data you want to see... distance between segments, distance since your starting position, what time you are expected to get to that location, etc.
This feature actually came in very handy for me once. I was driving to a location where there was a large lake crossing. There were three ferries that cross the lake at different locations. I knew what time each ferry left (some only a couple of times per day) so I was able to use that function to monitor if I would make that intermediate location in enough time to make their schedule-- or if I would need to use a different ferry. (I used the Time of day option.)
I've also used that feature on really long trips. I drove from Florida to Maine and set that option to 'Time of day'. When it lists out the trip directions in text it will show what time of day you are expected to arrive at some of the major cities along the way-- handy when it tells you that you will arrive in D.C. during rush hour.