You can use it in dedicated templates. You can format the first one and it will work for all the other posts that use this template. You can also use it on a page and its associated image will be displayed.
These are featured basic configuration possibilities:
Image Size, the crop size;
The Maximum Height;
1 - Background
By enabling the background option you can transform the image into a background and you can create a uniform frame.
If you enable "Extended Background" you can use the featured image as a real background. This allows you to add texts and other content on it.
2 - Overlay
You can set a colored overlay or an image used as a pattern over the featured image.
3 - Rollover
If you set the image to be clickable, you activate the rollover, so you'll be able to change several effects:
a background color;
the overlay variation by color and transparency;
the variation of the filters (blur, hue, lightness etc.);
activate an animation for the entire object;
a zoom effect that magnifies the image slightly when hovering over.
4 - Placeholder
If by chance you still haven't associated an image to your post, you can set a placeholder image to avoid an empty space.
If the image is clickable and has a link, you can use the following options:
the post it is in (Useful when you're using it on a template in a Dynamic Post widget);
the Media File itself which will open in lightbox;
ACF-URL (if you use Advanced Custom Fields you can use a URL metadata stored in the post);
the home page;
a custom URL (static page).
Other source post
In many of the Post type widget you'll find an extra-tab called Settings where you can select a different data source. By enabling this option you can set the image of a different post to be shown instead of the current image.
This is useful if you would like to settle a general image in a page section. This way you can set a dynamic condition dynamically instead of a static one.