As the name indicates, this is the panel you use to regulate the parameters for Wavelet Simulation and Post Processing.
In addition to user selected channels, Wavelet Turbulence requires the Default Sim. to export Extra Detail and Velocity channels.
For Retiming to be successful you need to export Velocity Channel during Default Sim. If you have fire in the scene, you will also need to export the Temperature channel, so that Retimer can properly burn fuel.