This column allows you to more flexibly configure what types of statuses to show. Options include

Only show the last status - Choose this if all you ever want to show is the status of the last build.
Hide additional statuses... - For example, if you want to show multiple statuses, but once a build is a month old, you want to stop showing it. Choose "0" to show all statuses.
Colorblind hints - Color-coding can cause accessibility concerns. Choose a colorblind hints option if this will be useful to you.