Anti-roll
How much the car leans in corners. Low anti-roll means more leaning and better cornering grip, high anti-roll means both wheels on the ground and better traction/acceleration.
Dampening
How fast the wheel bounces and rebounces (rebound dampening). Dampening must not be confused with suspension. Low dampening means better cornering grip. High dampening means better stability of the car when hitting curbs.
Ride height
Low height means more suction and higher speed. High ride height prevents car scraping onto track from bumps, curbs and elevations which can cause instability.
Traction control
High traction control means less wheelspin which means good acceleration and stability. Low traction control means even better acceleration so long one does not spin the wheels too much
Spinning the wheels will cause more wear too but that doesn't matter for time trials.
Brake bias
With a heavily fueled car, more load will transfer forward during braking and higher front wheel brake pressure is recommended. Too much frontbrakes can unbalance the rear though and cause the rear-end to spin when braking into a corner (Silverstone turn 7 after the backstraight is one reference turn). This can sometimes be solved by applying more rear brake pressure. Brake pressure is a carbalance issue for sure.
For
tire pressure have a look at the special thread for that.
Hope this helps somewhat and I'm absolutely sure you can bring a difference from tweaking these settings. I know dampening adjustment alone helped me making it through turn one in Interlagos and tirepressure adjustment alone cut three tenths in Catalunya in my career mode.