doublevr yes it's the settings saved for that specific video, including keyframes. There are some settings (top left in Advanced settings) that are global and are user-defined across all scenes, but most settings like color / distance / alignment etc are scene-specific and can have keyframes.
Hsp files are auto-loaded when you open a scene in Heresphere and auto-saved on exit, but there are settings you have to enable - this is the kind of thing you figure out once then never think about again so it's been a couple of years for me 🙂
Color and tonal adjustments in DEO are very basic - eg as soon as you start fixing exposure the image breaks down. It's like MS Paint vs photoshop. Obviously complex is the opposite of easy, so most users will want something simple like DEO. But really you need hidden settings for advanced users if you want to become the default player for everyone. I would treat Heresphere as the ultimate collection of settings presented in an unintuitive way, and if you can achieve the same power with a better interface then you'd have something really interesting.