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Almost everything that ranks for this is a student tool answering "what do I need on the final". That is a different question from the one you have with a pile of papers, which is what this score is worth against the boundaries you are using.
So it takes a mark and a total, applies your boundaries, and tells you the band. The boundaries are free text because every department has its own.
The genuinely useful line when marking is not that a paper is 4.2% below the next band, it is that two more marks would get there. That is the number shown, because marks are what is on the paper in front of you and what you might reasonably reconsider.
Yes, that is the point. Type them as a name and a percentage, one per line, in whatever scheme your school uses.
No. Nothing is saved and nothing is sent anywhere.
Not yet. It converts one score against one set of boundaries.