Here are what some of those other checkboxes mean, not all of which you'll see, depending on your version of Windows and how your computer is configured: Give me recommended updates the same way I receive important updates: This option gives Windows Update permission to treat patches that Microsoft "recommends" the same way as patches thought to be "critical" or "important," and download and install them as you've selected in the drop-down box.
Allow all users to install updates on this computer: Check this if you have other, non-administrator accounts on your computer that actually get used. Give me updates for other Microsoft products when I update Windows: Check this option, which is a bit wordier in Windows 7 & Vista, if you own other Microsoft software and you want Windows Update to handle updating those as well.
You won't even be told that updates are available.
Below are for changing/disabling Windows Update in Windows 10, Windows 8, Windows 7 or Windows Vista, and Windows XP. Here are more details on all the "advanced" Windows Update settings that are available to you in Windows 10: Automatic (recommended): Choose this option to automatically download and install updates of all kind - both important security patches as well as not-as-important non-security updates, like feature improvements and minor bugs.
Notify to schedule restart: Choose this option to automatically download updates of all kind - security, and non-security.
Open does not impact security related patches and is not available in Windows 10 Home.
Choose how updates are delivered: These options allow you to enable or disable the downloading, as well as the uploading, of Windows Update related files around your local network or even the entire internet.