I have two devices that have Energy Monitoring one of the devices has a drop down menu of 1 watt to 500 watt, i am not sure what that is for the other device does not have this. See pictures
One device is a Jasco switch * model: 45856 and the other is a Minoston outlet.
While it depends on your exact device (which I don't see) and how it and its driver work, normally the dropdown you're referring to is a setting for the amount of change (in watts) needed before the device sends a new report.
In general, higher is better (fewer device events) unless you're using some automation that requires more frequent/granular reporting.