If you mouse over the GameSparks option it tells you (sort of). Selecting the option turns on some anonymous telemetry back to TFP so they can see how the game is being played. Which perks are chosen, which weapons/mods used, which quests are done, and so on.
Unsure about the renderer options. I mean I know what a renderer is, but I'm not sure what benefit there would be to switching from DX11 to GLCore or Vulkan. Probably for specific GPU/driver combinations?