this says that i want my toon to farm ON northend IN the areas Dragonblight AND Grizzly Hills TO farm Frozen Herb, Goldclover AND Rich Cobalt Deposit, all other nodes that are spawning will be ignored liek Titanium Vein, Strange Ore,
Talandra's Rose, Saronite Deposite and so on.
Dunno if looted mats (Herbs/ores) that are not listed, will be deleted, but by default these Settings should tell FJ to farm on a specific continent in specific zone(s) for specific nodes.
the second screenshot tells FJ to farm ores and herbs in general and loot mobs when we killed some!
The second part of the screen doesn't fit for northend but i think this is the Mr.ItemRemover functionality, so that every loot that comes from gathering will be deleted when it is not listed here and under the section for the specific nodes that we want to have ... like ... delete talandra's rose when looted from Frozen Herb, because it is not listed. But this is only speculative

could be a setting to keep stupid stones / delete them when not listed also.
and now gimme my coffee!