Options in Collection and Collection Fields

Question
#1

Hie @vishsahu

I have a few question regarding options one can select when adding collection fields. Need to understand the implications of selecting certain options. What does it do later on when setting forms, fields or in the UI etc. I will go field type by field type, may leave some or may also ask what seems obvious but please bear with me…

  1. Under large text what does “Use As WYSIWYG Editor” what happens if I select that option.
  2. Under Reference: what does selecting “Use As Text Field” achieve and in what circumstances does one select the “file type” option
    3.Under Child of, what does selecting “Use As Text/Hidden Field” Help or achieve?
  3. What does the "Color " field do?
  4. Under the “File” field, what does the option “Generate Icons” mean?

If I do not select any of the options mentioned, what are the implications later on as I build.

Thanks