Settings

Settings are a set of options accessible from the main menu and the in-game menu. The config folder is at

Options
There are several sub-tabs in the 'Options' tab in the main menu. When in game, 'Manage Session' can be accessed to change session and multiplayer settings.

Audio
(*) At the right after the Factory Volume, Equipment Volume and Effects Volume is a small triangle. By clicking on that, more individual settings can be changed. e.g. When clicking on the triangle after the Equipment volume, the volume of the chainsaw can be set to another level than the rest. A down pointing triangle indicates there are more options. A triangle pointing to the right bottom indicated the options are expanded.(*)

Options not available in-game
It's possible to achieve higher visual fidelity than "Ultra quality" by modifying the game settings file directly. The following changes will have a drastic negative impact on your framerate, but will eliminate rocks and foliage magically appearing a few meters away from you. For a more detailed explanation of these settings and pictures, see this old but still relevant post: Force good LOD, Draw distance

Two steps to apply these changes (close the game first):
 * 1) Open Notepad, then open this file: %LOCALAPPDATA%\FactoryGame\Saved\Config\WindowsNoEditor\Engine.ini
 * 2) Add (or replace if you've already done this) the following to the bottom of the file then save it:

[SystemSettings] r.TemporalAACurrentFrameWeight=0 r.TemporalAASamples=32 r.PostProcessAAQuality=5 r.ToneMapper.Sharpen=1 r.ViewDistanceScale=5 r.Shadow.MinResolution=256 r.Shadow.DistanceScale=5 foliage.LODDistanceScale=2 foliage.DitheredLOD=5 r.MaxAnisotropy=16

You've done the change right if your file looks similar to this when you're done: picture of modified Engine.ini