Temps and levels....
The water temps are selected on the timer by having temperatures matched to the minutes of wash, as was/is also done on the upper and TOL machines. So, for 14 minutes you get hot water, warm at the 10-minute mark, and cold at 6 minutes, presuming the laundry wasn't very dirty if the user selected cold water. The machine could always be reset for more time if you wanted cold wash by filling it on cold then turning the timer back to the 14 min/hot side.
James is right on the water level - as is true for most if not all BOL Kenmore washers, there was one water level - high. If you wanted to wash one new shirt - it went for quite a ride.
Kenmore even made some BOL large capacity machines with no wather level selections. I have a 1980 200-series machine that has a very similar panel, but with the white knob. It has two cycles, one speed motor, timer set temps, no filter, and one level. All this on the biggest tub that belt drives ever offered. This sort of model would seem only suitable for a large family or for someone who routinely fills their machine before doing laundry. I used to do that, however my gym clothes sometimes DO NOT permit that anymore, lol.
I think the last large machine to be offered this way was the 1982 100-series model. After that only standard capacity machines were offered without water level selections (a blow for good green taste).