The passphrase is the encryption key. It must match on both sides exactly, and is never sent anywhere.
iOS stopped capture when you left. Tap to resume.
These settings run on the sharer's device, which is the bottleneck. Higher = more lag/heat for them, not you. If it lags, lower resolution first, then bitrate.
Video/audio buffer are on your PC: more delay for smoother playback (Chrome video max 4s). Keep them similar so sound stays lined up with the picture.