Huffyuv can be edited multiple times without loss of quality?

[brassplyer]

I see Huffyuv referred to as lossless, does this mean it can supposedly be edited/processed over and over with no loss of quality?

Does this pan out in practice?

When would you want to use anything besides the default settings under the configuration? I assume the options are there for a reason.

[poisondeathray]

Yes, there are no additional compression losses over subsequent generations

You would use different settings for different colorspaces, or want higher compression (but slower performance) , or RGBA (for alpha channel). If you don't know what any of these mean, just leave it at default