Use of "all language pairs" at both the "Options" and the "Project" levels?

Dear SDL Community,

OK, I have dutifully searched the documentation and the Community but I can't figure out a basic question.

As I return to Studio after many years working with another CAT tool, I am departing from my usual "American" "Be a monkey and hit all the keys and figure out what they do" approach, to a more methodical "European" approach of actually going through the manual step-by-step, but I am still baffled.

I can understand why you would set up default, "Mother" TMs for each language pair, both in the Options window and in Project Settings.

But since Studio file-based TMs are by definition bi-lingual, not multi-lingual, I cannot understand why you would have Translation Memories at the "All Language Pairs" level.
AutoSuggest Dictionaries are at the Language Pair Level - why are TMs at the All Language Pairs level? 

It would seem that you could only put multi-lingual Server TMs in the "All Language Pairs" level.

Am I missing something?

Thanks,

Tom Fennell

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