No. 2 determines the measurement duration in seconds as shown below.
Generally you should increase the measurement duration if you want to obtain a better measurement result. A longer measurement duration means that you put more energy into the system and thus that it is more robust against background noise.
The problem with increasing the measurement duration is time variance (the system/device you are measuring is slightly changing as function of time). The problem with time variance is minimized if Single Sweep is selected as measurement signal in no. 3. When Single Sweep is selected we can expect that for each time you double the measurement duration the snr (signal-to-noise ratio) increases by 3 dB.
The duration of the measurement may not be exactly the number of seconds specified, but WinMLS will find the optimal settings as near as possible to this setting.