“Keep Release Level Settings” checkbox isbeing used in “Copy Advanced” – “Select Designs to Copy” dialog from Capital Project Manager or Capital design tools:
It’s mentioned in "Select Designs to Copy Dialog Box" section of “Capital Design Tools - Common Functions User Guide”, versions 2021.1, 2207:
Keep Release Level Settings Check to include any release level data associated with the selected design(s) in the copy
Here’s the behavior when using the “Keep Release Level Settings” checkbox:
Case 1: Source and Target Project have “R1” release level of type “Released”.
If we copy a Source Design with R1 release level to a target project,
with “Keep Release Level” checkbox selected then Target Design will have R1 release level
if the checkbox is not selected then Target Design will have Draft as release level.
Case 2: Source has release level R1 but Target Project doesn’t have R1 release level.
Irrespective of “Keep Release Level” checkbox is checked or unchecked, after Copy Advanced, the release level of copied design will be set to Draft.