NTLite provides a long list of different Windows settings, each of them matches a known registry key.
1. For an install image, some reg keys already exist in the image but most of them are created during the install process. When the NTLite setting is Default, no attempt is made to add a specific reg value to the image's registry. NTLite doesn't keep track of the original value that Windows has created, and only knows if you asked NTLite to change it to something specific.
If you right-click on any line, next to the round ball, you can reset the value back to Default (or no changes).
While there is a Reset button in Settings, it applies to all settings. There is no Reset for an entire category, like Windows Updates.
2. For a live host, NTLite can only show you what the current settings are in the Registry. Again, it doesn't remember the Windows default for that reg key so you can't reset it back to Default.
As noted above, the default value is the not same for all Windows versions and editions (Home, Pro, etc). So it would be very difficult for NTLite to track every different version and get the original settings all correct.