In the studio settings you find all the available options to change some of the studio behavior.
Changing the buffer size may be needed depending on what you want to do. A low buffer size will reduce the latency when monitoring audio inputs or playing virtual instruments with a keyboard. However, a low buffer size also means less time for your CPU to process audio which can cause audible crackles in playback, depending on the project size. If you experience crackles or playback issues it is recommended to increase the buffer size to give your CPU more time to process audio and allow you to create larger projects.
Drag the volume slider to change the volume of the metronome.
The studio automatically compensates for latency when recording audio so that what you recorded is placed correctly. You do not have to change these settings unless you experience recorded audio being placed incorrectly.
Recording offset slider
The slider automatically changes its value when changing buffer size to accommodate for changes in latency.
Place your microphone near one of your speakers (with the mic turned on), click calibrate and then OK. Doing this can improve latency compensation on your computer. You may need to do this again if you change the buffer size and feel the compensation is not as accurate anymore.