Saving MS setting with wav/montage file

I have always wondered why it is possible in WL7 to give a name to the MS setting which can be stored together with the wav or montage file. To me this makes only sense if I can select this name again when I reopen the settings but as far as I see there is no option to select this name when I open the settings.
A name makes only sense to me if it were possible to store different settings with one wav file between which I can select when reopening. Did I miss something here?

The preset name will appear in the Master Section preset box, when restored. That’s the only use.