The settings are picked based on what format, resolution, bitrate, and codec I'd like. I don't think this is something you need to spend time nitpicking, admittedly. :)
You mention you're working on a site for video hosting. Have you thought about how you're going to deliver video at scale? Sending video over the wire is super expensive and your costs will probably increase faster than your revenue, unless you're charging out the gate. Cloudflare has some plans which let you deliver for nearly free, but your content needs to be fairly static.
Good luck! Don't sweat the small stuff - just keep building.