Funny is that I just yesterday evening read about it in the PDF manual thought I would say the function is "hidden" under interval. I think this function could be more accessible. And yes, it is not sport specific but you can save settings as profiles but that means that you need to load them each time you change sport.
You can use interval training to set the upper and lower heart rate limits, but it is not sport-specific as far as I know. That would indeed be a time saver.