In some places, you can globally show/hide the theme elements, such as titles, subtitles, images, metadata. These options can be found on Archive and Single page settings such as Blog, Portfolio, Shop and in the Header, Footer, Search template and Page Title bars.
For example, you can simply refuse to show the Featured Image on Blog single posts by deactivating its option in Customizer > Blog > Blog Single > Settings > Display Elements.
Display Options are not only show/hiding something. But it’s how you choose the layout of your content too. You can choose how your single content look. It also effects on other options if you choose a different template for your single pages.
For example, you can change the layout on single product page in Customizer > Shop > Product Page > Settings > Template.