hey, hope your doing well.
like the other options shown, "identities" gives you the option to control any privacy surrounding your profile on the forum.
"identities" would be custom titles and the location and website fields in account settings that would include any information including names or any other personal information.
it would be the custom fields located underneath your name when a user hovers over your profile. it gives you the ability to be discrete about such information and have a preference to where its hidden from non-members, members, only those who follow you, or just yourself entirely.
hope this helps, take care.