Submenus and options in the display menu allow to change the drawing style, the coloring scheme and further properties of components displayed. Classes of components can have different settings, for instance the atom colors of proteins and that of ligands can be set independently.
However, there are global parameters too, like the fog effect and anti-aliasing, that affect all visible components.
Display settings are applied to all visible components of the corresponding category, that is, if the draw type of ligands is changed to spacefill, then all ligands are drawn this way, that is, with large atom spheres.
You can find here the full list of submenus and menu items in order of appearance: