What feature helps manage detailed control of how an adjustment layer affects underlying layers?

The feature that effectively manages detailed control of how an adjustment layer affects underlying layers is the Layer Mask. A Layer Mask allows you to define specific areas of the adjustment layer where the adjustments will be applied or hidden, giving you the flexibility to fine-tune the visibility of the effects on the layers below. By painting with black on the mask, you can conceal effects in certain areas, while painting with white will reveal them. This non-destructive editing technique is particularly powerful, as it enables you to edit your adjustments easily without permanently altering your original images.

In contrast, an Adjustment Mask does not exist as a distinct feature in Photoshop terminology; this term may cause confusion. Clipping Masks are generally used to restrict visibility of a layer to the shape of the layer directly below it, rather than managing how an adjustment layer modifies underlying layers. Transparency Settings refer to the opacity of a layer but do not provide a mechanism for selective control over the adjustments applied to underlying layers.