Yes, this is a frequently asked question.... or refers to the truncating magnitude of the Gutenberg-Richter distribution. We used to refer to this as Mmax in the Hazard Assessment app and on the frequency-magnitude chart but we found there was confusion caused by Mmax being used to describe multiple things. Hopefully if we refer to or the upper-limit magnitude, this will clear up the terminology a little.
The value is sometimes used as a measure of seismic hazard but there are some common mistakes made with this analysis and interpretation.
Some things you see in mXrap are properties of the software, while other things are properties of the root folder.
We often use the software Excel as an analogy. Excel has many built-in capabilities with endless possibilities for creating specific calculations. The software has powerful capabilities, but without a user constructing the spreadsheet, the power and value are not fully utilised. An Excel user can set up a spreadsheet which, with the required inputs, will provide you with results. This user can then provide you with that spreadsheet, which you can then use to perform the same calculations with other inputs.
The default event local magnitude marker might not suit everyone. After all, a ML+1.0 might mean something completely different to you compared with the site next door.