Smoothing is probably the “wrinkle away”, “wrinkle shield” etc. setting. Wool loosening is what a modern dryer calls e. g. “refresh” or “fluff”.
Funny enough, the dial on my dryer bought earlier this year has almost identical settings and layout, just more options.
This, however, is about diagnostics, i. e. annotating delete with a reason (message) to express developer intent when deleting a function, not about memory management.