User Profile Settings ("User Settings" for short) are several files that are collected together in a folder (location detailed ahead). When I talk about backing up your User Settings in a moment, it's important to understand that I'm talking about backing up the entire folder, not simply the contents of that folder. Further, it's important to note that you should not rename the User Profile Settings folder. Media Composer requires that the folder name and some of the files inside be named identically.
Your User Settings should be backed up in a few locations so that you can easily access them during the workday. User Settings are notorious for becoming corrupt and then causing any number of strange, unpredictable, and decidedly unpleasant behaviors. Having a backup of your personal User Settings means you can easily replace the bad ones if/when you have to, and quickly get back to editing.
Transferring your User Settings between workstations...