Does setting the Load Type affect anything with dimming?

Or is it just for your reference.

Absolutely !!!!!!!!!

Depending on load type and device used It will effect many things Its very important

It will affect high end low end Forward phase or reverse phase many other things.

Here is an example of the difference between forward and reverse phase dimming There not even close. There are so many types of dimming from 0-10 to PWM all most likely will not work properly or will surely damage led if not properly set

https://www.youtube.com/watch?v=XIK422NcXAY