Meaning? "New settings are available. Would you like to update them now?"

After just updating my iPhone 7 to iOS 11.2.6, I get the following message periodically on my screen: "New settings are available. Would you like to update them now?"

Choices: Not Now OR Update

Question: What does this mean--1) that it automatically transfers existing settings OR 2) that you can update selected settings manually, one by one? I don't want to have to take a lot of time to manually update all my settings. So I've selected "Not Now" for now until I can get an answer to my question. Thank you.