The Options.txt file can enable a few experimental and unsupported features in Live. Some of this options can be used with the Loop4Live.
Note that available options may change or be removed in future updates without warning.

These 2 options can be used to change behaviors of your workflow :

-EnableArmOnSelection
Automatically arm selected track. Combined with the Loop4Live parameter SELECT_TRACK_BEFORE_RECORDING, you can monitor only the selected track. The idea is to arm only the selected track in order to hear the return of this t rack. With this parameter set to 1, we will be able to select a track by pressing the A B C D button on the footswitch without starting a recording. In order to record, we will have to press the A B C D buttons once to select the track (which will activate the monitoring return) and once we want to record, we will press the A B C D button again.

-DontCombineAPCs
Deactivates the APC combination mode: won't align and sync the session rings of multiple APCs so they can be moved independently. This parameter is useful if you are using an APC and several Loop4Live : setting the Loop4Live IS_LINKED parameter to 1 will also link the APC to the session rings. You can avoid this by setting -DontCombineAPCs

How to create Option.txt :

https://help.ableton.com/hc/en-us/articles/6003224107292-Options-txt-file#h_01GH1RX0QDKH0NWSYEG95H152Q

some old information...

https://sonicbloom.net/en/10-hidden-features-in-ableton-live-with-options-txt/

or newer information...

https://medium.com/@ibekso/how-to-expand-ableton-with-options-txt-788e7b9c8020

List of available options on Live 11:

-AcceptanceTestsIgnoreAssertions
-AcceptanceTestsPort
-AdditionalLatencyForPlaythrough
-AnimatedScrollBarAlphaDelta
-AnimatedScrollBarVisibleTime
-AsioDisableMultiClient
-AsioNoClockSource
-AsioNoSampleRateCheck
-AsioNoSetSampleRate
-AsioSupportProcessNow
-AudioQuantizeFixedWarpMarker
-AutoAdjustMacroMappingRange
-AutoShowPythonShellOnError
-BuiltinLessons
-ChallengeMethod
-CheckAllLanguageFiles
-ClipFireWillContinueSong
-ControlSurfaceDisplayUpdateRate
-DebugKeys
-DecodeDirectShowMediaFiles
-DevicesLegacyLive5
-DisableAutoBugReporting
-DisableFileRefMapping
-DontAskForAdminRights
-DontRetriggerSessionClips
-DontStoreCompoundPaths
-DrawRandomBackground
-DriveEngineTiming
-DrumPadSelectionDelay
-DumpUsfLibOutput
-EditorDontSnapOnMarkers
-EditorMagneticWidth
-EditorNoteResizeSnapsOnGridOnly
-EditorResnapRangeFactor
-EditorResnapTimeoutOnMouseUp
-EditorSnapTimeout
-EnableArmOnSelection
-EnableHotSwapOnSelection
-EventRecorderTempDir
-Halion3BugWorkaround
-HotKeyForCaptureAndInsertScene
-HotKeyForKitPad
-IgnoreTemplateSet
-ImpulseIgnoreOmega
-KeepUnresolvedRelativeRoutings
-LayoutCheckFrequency
-LogFolderConfigErrors
-LogPseudoMidiOutDataSizeSent
-LogRemoteScriptCapabilityInfo
-LogTimeConversionVariation
-LoopJumpContinuationActivationWindowSizeMs
-LoopJumpContinuationWindowSizeMs
-MaxAudioThreads
-MaxChainViewsToCache
-MemoryBasedUndo
-MemoryLeaksFile
-MidiClockSlave
-MidiEventThinning
-NoMidiEventFiltering
-NoMidiFromReWire
-NoMidiMonitorLatencyCompensation
-NoMidiServer
-NoSCurves
-NoVstGesturesRequired
-NoVstStartupScan
-RemoveFolderWithSingleClick
-ReWireChannels
-ReWireLogic
-ReWireSonar
-SafetyAreaAroundMarkers
-SampleTimeOverflowScale
-SelectNoAudioAsDefault
-SendSPPInArrangerLoops
-SetAssertMode
-SharedMemStoragePath
-ShowBackToArrangementOnMasterTrack
-ShowChunkLoadTime
-ShowDeviceSlots
-ShowFullVersionInTitle
-StackTraces
-SuppressCheckSynchronousInvariant
-TempoFineControlRange
-Trace
-UnitTestsAssertOnFailure
-UnitTestsDontCleanup
-UnitTestsLetDummyTestPass
-UnitTestsQuitAfter
-UnitTestsReportFormat
-UnitTestsRunDefaultOff
-UnitTestsTraces
-UpdateTest
-UseDebugPrefs
-UseFileSystemCacheForReading
-UseFileSystemCacheForWriting
-UseOwnGeneratedMidiTimeStamps
-VstNoLocalDir
-VstNoScanSkip
-WipeoutProtectionAccidentWindowSizeMs
-WipeoutProtectionActivationWindowSizeMs
-WipeoutProtectionDecisionWindowSizeMs
-WriteLanguageCommentFile
-_PluginAutoPopulateThreshold