File to Tag will extract metadata from file names. The File to Tag menu lists all user defined File to Tag templates. Selecting a template will run it against the currently selected files. Selecting one of these items while the Alt/Option key is down, will open the item in the appropriate template editor. Note that the Alt/Option function is disabled if the menu item has a keyboard shortcut with only the Alt/Option modifier.
The menu may also display a submenu called Actions. Any action which is marked as being on the File to Tag menu in the Action Manager will be included in this menu. This is a convenience to quickly locate actions which are designed to extend the capabilities of the File to Tag mechanism. Selecting an action will run the action.
You can find additional information in Preferences - File to Tag Templates.