You pick one when you launch. In a Hookzpad pool (the default) your token graduates into its own Hookzpad pool and its rules keep applying there, forever. The LP is burned, and the 1% fee is 0.7% to the platform and 0.3% to you.
In Meteora mode your token trades on Meteora's bonding curve with your rules, then moves into a Meteora DAMM v2 pool where its rules end and it trades freely. The LP is locked forever: 70% Hookzpad, 30% you, both earning its fees. The 1% curve fee is 0.296% to you, 0.504% to Hookzpad and 0.20% to Meteora. Meteora usually migrates a full curve within minutes; if it doesn't, anyone can do it from the token page.