The wave switch selects the shape of the modulation:
Many of the controls offer a secondary function. Holding [ALT] while adjusting controls with grey labels will give you access to these functions.
The main LED will turn light blue while you are accessing the [ALT] menu. When you release the [ALT] button, the LED goes back to red and the controls return to their primary functions.
You can also give the button a double tap to lock it while you make adjustments. When you’re finished editing within the [ALT] menu, tap the button again once to return to the primary menu.
The secondary function of a knob or switch is usually specific to that knob’s or switch’s main parameter.
Most of the [ALT] functions are for customizing the stereo field. If your rig is mono, the only [ALT] controls to consider are the left and right toggle switches, which control modulation assignment and delay divisions (respectively) and the upper middle knob, which introduces filtering for brighter or darker repeats.