If you open the settings in a full page (the gear icon to the top right), there will be explanations for every settings. Furthermore, in the last tab, you will find a resource link to the wiki where you can find illustrated guides/features being explained.
The auto-hide feature does definitely work, but for the Notification Monitor, you need to check VH Settings -> Notifications tab -> Hide Notifications matching Hide Keywords list for the hide keywords to be applied to the monitor as well.
