The settings mostly affect water temperature, cycle time, and spin speed. Water temperature is the primary difference between cycles.
Colder water helps reduce dye bleeding, but also tend to clean less. These effects are drastically reduced with modern dyes and detergents, with dyes bleeding less and detergents cleaning better with colder water.
Slower spin results in soggier clothes but also cause less damage to the fabric and fasteners. This is normally countered with increased spin time or more drying in later stages.
The exact details will vary widely by machine.
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