"Choose items to display in Explorer context menus" options group lets you to select items to add to Explorer context menus. These items are displayed when you click on a file or archive icon in Explorer or Desktop by the right mouse button.
""New" submenu items" options allow to remove "WinRAR archive" and "WinRAR ZIP archive" entries in "New" submenu of Windows context menu. These options may trigger a user account control prompt after closing "Settings" dialog, and thus their new state is applied only after you press "OK" both in "Context menu items" and its parent "Settings" dialog.
"Drag and drop context menu" options can be used to remove WinRAR archiving and extraction commands from context menu displayed after dragging and dropping files with right mouse button. By default, these options are enabled, so WinRAR proposes to compress files and unpack archives using a target folder as destination after right mouse button drag and drop.
"Where to check for SFX archives" options control processing of SFX archives in context menus. Checking contents of executable file and detecting if it is a self-extracting (SFX) archive introduces some delay when right clicking every ".exe" file, because WinRAR needs to read and analyze file data to find out if it is SFX. While such delay is negligible for fast local hard drives, it can be noticeable in case of slow network disks. This group of options allows to enable or disable SFX processing for local hard disks, network disks and other disks like CD-ROM and USB separately. If you turn these options off, you will not see all SFX related context menu items when right clicking SFX archive. So disable these options only if you really experience delays when right clicking ".exe" files.
Normally the context menu contains only extraction commands if single archive has been right clicked. You can override this by specifying one or more space separated masks in "Always display archiving items for", so archiving commands are always displayed for these file types even if file was recognized as archive. If you wish both archiving and extraction commands present for all archives, place "*" here.