Just upgraded to 2021 and have new Hole Wizard settings with no explanation. Anyone know what these mean?

That same setting is in SW 2018 SP5:
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Basically, it means that, when you add a socket head cap screw hole for a #10 screw, then switch to a threaded hole, do you want the threaded hole to default to #10 (same setting as the previous hole wizard hole)? or revert back to its defaults?
Got it. Thanks very much!