Different video content has different dimensions. Old school is 4:3, modern tv is usually 16×9 (1.78:1), modern movies are usually between 2.35:1 and 2.40:1, then you have IMAX at 1.90:1 and 1.43:1.
Most all tv channels have a “native” setting, but have others for preference (stretch movies vertically and old content horizontally, so no black bars).
Then there is also “overscan” which zooms in a bit; I’m not sure, but probably a holdover setting for old content that had damaged edges (like white static).
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