All the settings are explained here. Note that to modify an existing village in the world you need to click on "Update" to update with the changes.
PCG Graph: Use the Calysto Village graph by default but you can set your own here
Building: Building meshes
Crops Density: Set the density of the crops on the farm
Crops: Allow you to set crops to use for the farm
Use Fence: Add fences near the edge of the farm?
Fence: Meshes to use for the fence
Road: Road meshes to use. Can be used for RVT
Dirt Mesh: Add lights actors along the roads
Farm Props Density: Density of props scattered around the farm from 0 to 1
Props: Props to scatter around the farm (for example: carts, debris, etc)
Add Fence To House?: Add fence to houses?
House Fence: Meshes to use for the house fences
House Fence Max Radius: The maximum area around the house where the fence can go. Too big or too small can create a weird result, so it's important to experiment.
Scarecrow Distance Multiplicator: Increase the distance between each scarecrow
Scarecrow Density: Randomly remove some scarecrows