Depending on the panel, it will show the notes in scale, the notes in chord, or the name of the diatonic chords.
For example, these are the notes in a GM7 chord.
Clicking on the name of the note will highlight the notes on the neck. This is very useful to find all the notes on the guitar neck.
Clicking on the degree will allow you to change the colors used, with several colors pickers.
Your choice of colors will be saved.