sheldoncooper
Tilt adjusts as the name implies the tilt of the scene. You can think of it as an offset to your head movements controlling where to look at the scene.
If the camera was not level at the time of shooting you can correct this.
For example usually in laying down cowgirl the video is often shot with the camera tilted upwards, because of the limited FOV (some are not even true 180°), if you would shoot with the camera level the girls head might get out of the frame if she comes close to you, and even if she barely stays in the frame it would mean you would see the distracting border of the image.
So they shoot with the camera tilted upwards, to use more of the available FOV to keep the girl in the picture.
Tilt is, for the lack of a better word "lossless", I mean with that, that there are no downsides, unlike most other image adjustments that usually can improve parts of the image but worsens others at the same time.
You could of course use zoom, but it is a plain 2D zoom, which makes the image simply look larger or smaller. The result of this is you can basically only get one focal plane perfect, and other focal planes appear either too small or to big with the same setting. As the action usually happens in e very similar distance the whole time it could be worth a try.
With the horizontal offset setting you basically shift the 2 separate images on the horizontal axis. This also can change perceived distance/size of things. Although it also has the problem being a 2D operation, which means you basically means you would need different settings for different distances to be perfect.
The best thing is, just try the different transformation adjustments, and look if the result looks better or worse to you.