These settings are fairly meaningless when everyone has the same hardware. Developers can program the game to switch these modes on-the-fly during gameplay for best experience.
On PC they mostly exist because the automatic hardware detection traditionally would mess up with some driver/cards.
For instance, I don't need 4K or Raytracing, but 60FPS is a must. For some other person 30FPS may be enough but for him it has to 4K. And there are dozens of such scenarios that are possible.
It doesn't have to be nearly as detailed as it is on PC, as, like you said, the hardware is the same. But you should be able to set what you want most and what is way down on your priorities in the settings and the game then handles the rest from there.
The Nintendo eShop rating Thread: http://gamrconnect.vgchartz.com/thread.php?id=237454
The Steam/GOG key gifting thread: https://gamrconnect.vgchartz.com/thread/242024/the-steamgog-key-gifting-thread/1/