Each individual workspace has its own "Settings" tab, which allows Moderators to tweak the individual settings of the workspace. These settings are only available to people on the Users list, with Moderator permission.
The tools the settings provides are for common administrative practices on the workspace such as defining if the workspace can be seen by all users in the network, or just users that are explicitly invited. The colors and some customization settings are also defined in the workspace settings. If you can't see the "Settings" tab of the workspace, then that means you do not have Moderator access on the workspace. Each workspace has its own Members list, and so while a user could be an Moderator on one workspace, they may not have that permission on a different workspace.
