Social Settings

The social settings page allows you to edit settings related to players' social interactions.

The fields available to edit are as follows:

Enable Observers
This option was meant to enable the ability for players to join a match as spectators rather than participants. However, community reverse-engineering efforts indicate that the option is deprecated.
Team Changing

This option allows you to control whether players are able to change teams during a match. The special value "Balancing Only" presumably enables automatic team balancing; however, testing is pending.

Halo: The Master Chief Collection uses a custom pause menu for all games, and as of this writing, that pause menu does not allow players to change teams during a match regardless of what this option has been set to.

Friendly Fire
Determines whether players are able to damage and kill their teammates.
Betrayal Booting
If enabled, your teammates may be able to kick you from the match if you kill them too many times.
Proximity Voice
Presumably allows you to hear enemy players' in-game voice chat if you are near them; however, testing is pending.
Don't Team-Restrict Voice Chat
Presumably controls whether you can hear enemy players on voice chat; however, testing is pending.
Allow Dead Players to Talk
Determines whether players can be heard on in-game voice chat while they are waiting to respawn; however, testing is pending.