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Air assist is explained in detail here: LaserBoard Air Assist Control
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These are the Kill and Reset Buttons. Kill will halt the board on Smoothie Firmware, I am not sure it does anything on GRBL-LPC. The reset button will reset the board for both firmwares.
Both buttons have a header behind them with the same connections - so that you can hook up an external “big red button” for the same functionality.
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Alternate PWM Out is a level shifted 0 - 5v signal for some laser control scenarios. It is not needed for the default wiring we recommend on the typical Chinese CO2 lasers, we use the L to ground via opto firing approach and leave the pot in play.
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Purple headers are not used and on the 2nd batch of boards are no longer populated.
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Pink circle selects the 5v source that powers the board - either the USB Cable or the 24v --> 5v regulator in the board. The latter is default and preferred.
The main thing I can suggest is to not change anything without asking first, we can guide you if you need to use these things but most users will not.