This column allows you to more flexibly configure the Job Name column. Options include

Color job name for the latest build - Colors the job name itself with the color that represents the status of the last build. In this case, this column could (for example) be a reasonable replacement for the status ball column.
Show description in tool-tip - When you hover over the job name, if there is a job description, it will show in the tool-tip.
Show last build status in tool-tip - When you hover over the job name, a summary of the last build status will show in the tool-tip.
Note - you can select both of these options, and it will show both the job description and the last build's status in the tooltip.
Colorblind hints - Color-coding can cause accessibility concerns. Choose a colorblind hints option if this will be useful to you. Only applies if you chose to color the job name.