Studio provides a faster, simpler way to build applications quickly, easily, and with useful defaults. But it also provides a mechanism to package up your work, send it to another instance, and export it in an Update Set or in a Git repository.
When an application is created, a new entry is made in the Application Picker in the System menu. This mechanism of selecting the app you are currently working on is similar to an Update Set; when you perform a configuration, it gets recorded against that application.
