This is the name that is displayed on the home screen. If the VM is not moved to an external path, the file name of the .utm package will also be renamed.
This is any text that you can show on the home screen after the VM is selected.
You have the option between “generic”, “operating system” (built-in icon set), and “custom” (select any PNG image). To select an (non-generic) icon, click or tap on the icon to open the selector popover.