This feature improves the flexibility of configuration by allowing administrators to create field sets to be used on individual product bundles and features. This allows you to display only relevant Product Option fields when a user selects options in a bundle.
If your org contains a Feature titled "Software," this allows you to display a field named "Media" for items in the "Software" Feature so your users can select whether to download or deliver the "Software" product.
To set up the Bundle & Feature level Field Sets:
Configuring Bundle & Feature Level Field Sets: