Enhanced has a print speed of 0.5 sq. If there are photographic like images in the print then use enhanced. Standard is fine for text and non-photographic images. Vivid color produces the brightest, most vibrant colors and the printed blue appears less purple. It works best for most applications.
Simulate display tries to match a standard computer screen and it lightens up the colors.
The current default setting internal to the printer is no color correction. Cold works well for most prints. Hot flattens the printed dots more and makes the printout most resilient and resistant to flaking. It takes about 15 minutes to switch between hot and cold modes. Banding may be more noticeable as fusing temperature increases.