Smoothing is probably the “wrinkle away”, “wrinkle shield” etc. setting. Wool loosening is what a modern dryer calls e. g. “refresh” or “fluff”.
Funny enough, the dial on my dryer bought earlier this year has almost identical settings and layout, just more options.
Then you might want to read
https://en.m.wikipedia.org/wiki/Ducks:_Two_Years_in_the_Oil_Sands