There are two options for formatting component styles. You can edit with style override, where the edits only apply to the specific component selected, or edit your theme, where the edits would apply to the component edited, and thus in all places where this component is used on your project.
Formatting components with style override
Formatting components with style override creates changes that only apply to the specific component you selected.
To format a component with style override, select the component you want to edit, then adjust the styles on the right-hand side.
For example, take a look at the editing options displayed on the right-hand side, when an icon is selected:
Edits made here will only reflect on the specific component selected.
Formatting component styles in your theme
Formatting components in your theme creates changes that would apply to the component edited, and thus in all places where this component is used on your project.
To format a component within 'Themes,' click on the component, and accordingly adjust the properties on the right-hand side of the screen.
Remember to create a unique label for each of the component styles to easily retrieve them when you need them in your project.