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If you click on the "Select an Approval Group" listbox, the list of configured Approvals Groups is displayed.
When you select an approval group from the list, all approvals in the "Requested Approvals" column are deleted and replaced with the set of Approvals configured in the group.
The sequence of images below shows how the "Team" set consisting of approvals (user1, user2, user3) replaces the elements present in the "Requested Approvals" column.
The sequence of images below shows how the "Team Leads" set consisting of approvals (Reporter, Assignee, Project Lead) replaces the elements present in the "Requested Approvals" column.