Prior to this feature, there was no way for you to apply your own editing options to multiple photos all at once. You would have to go through the list of 14 potential editing options and apply the same set of options to each of the photos individually. Can someone say time consuming?!
With this update, you will be able to tap the filter you created and have it will apply to all photos. Don’t worry, you’ll still be able to individually tweak these settings for each photo too.