Field options don't make sense for all field types

I'm not sure if this is a bug or not, but the only field options I see available are "Displayed Text"/"Stored Value." This makes sense for the select field, but not for the textfield, etc. Should there be more options available for different types of fields?

Also, should there be more field options available, e.g. default value, etc.? Maybe this is a feature request - I never used the 5.x version, so I don't know what's supposed to be there.