The settings for Singular Content apply to how featured images are used on the single pages, posts, listings, and communities.
When checked the featured image will automatically be added just below the title of the page, post, listing, or community.
You may also change the Entry Meta which appears on blog posts. It shows post date and author at the top of the post and tags and categories below the post.
More information on customizing these can be found on the StudioPress website by following the "post shortcodes" links.
When you’re finished, click the Publish button up at the top of the customizer.