Show/Hide Setting Menu

Adds or removes the Setting menu (pop-up) from the mixer channel strip. You can use the mixer contextual menus to adjust what is shown on the channel strip.

Channel strip controls in Logic Pro — Apple Support

Each channel strip has a set of controls (also called components), which varies according to channel strip type. You can adjust the channel strip volume and pan position, mute and solo channel strips, add and adjust effects, and send the output to auxiliary or output channel strips.