Workspace settings control how your whole workspace behaves - its name, seats, post approval, and the defaults that apply to every member. A workspace is your team's shared space for creating and publishing content, and these settings keep it organised.
Open Settings from the sidebar, then select the General (Workspace) tab.

Here you can:
Only the workspace owner can rename the workspace.
Select the Workspace Defaults tab to set preferences that apply to everyone in the workspace.

Defaults save your team from configuring the same things repeatedly - the choices you make here apply to workspace members going forward. Workspace owners always keep full access regardless of the defaults.