Yes, it only the HUD cues that are affected. It's just a feature to provide you with cues to help you deliver the weapons they way you want to.
I see, good to know it only affects HUD cues and not the actual bombs themselves.
IRL, every different fuse configuration needs a separate profile, and you can't change fuse settings in flight like you can in the sim (apart from with some advanced programmable fuses that are not modelled in the sim). So for example, if you have 4 Mk-82s on the aircraft, and 2 are set with an impact fuse and 2 with an air burst fuse you would need to have 1 profile for each, rather than just one Mk-82 profile.
Copy... some things where concessions were made in sim vs RL.
Anther point to note with SEMs is that if your attack will involve a dive angle above 20 degrees, only the climbing SEM should be used.
Why only the climb SEM? To reduce the chance of stalling the aircraft? Lol, obviously the TLT won't be appropriate!

And FYI, these profile are all named as per the real world A-10C profile naming convention.
Small things like this is awesome to know -- no real use but adds to the immersion of playing "pretend fighter pilot" immensely.
This has been one of the most brain-stirring posts I've had to do. Thanks for sharing your knowledge Eddie!
Good, I must be doing something right then. Always glad to share with anyone who wants to know.
The only thing you're not doing right is not posting here more often!

Thanks again for sharing and please do so more and more in the future!!