If you change the setting, it will apply to this item. Note that:
Inherited means that the permissions from global configuration, parent group and category will be used.
Denied means that no matter what the global configuration, parent group or category settings are, the group being edited can't take this action on this item.
Allowed means that the group being edited will be able to take this action for this item (but if this is in conflict with the global configuration, parent group or category it will have no impact; a conflict will be indicated by Not Allowed (Inherited) under Calculated Settings).