ultra is just a setting to set the ingame graphics to ultra or very high, most people choose what to go high ultra or low individually. like antialiasing or motionblur. never use a setting to set the other settings for you.
in a game you have video or graphics settings... everything in there effects the image on your screen, but as parthy revanth said... its different... resolution is what your screen will do, other settings is about the animation of the program (game), how it will run...
No,In settings you can change Resolution and change other settings to "LOW" (or) "NORMAL" (or) "HIGH" (or) "ULTRA"
In 720p ---- You go "LOW" (or) "NORMAL" (or) "HIGH" (or) "ULTRA"
In 1080p --- You can go "LOW" (or) "NORMAL" (or) "HIGH" (or) "ULTRA"
In 1440p--- You can go "LOW" (or) "NORMAL" (or) "HIGH" (or) "ULTRA"
In 1600p---You can go "LOW" (or) "NORMAL" (or) "HIGH" (or) "ULTRA"
In every resolution you can goto "LOW" (or) "NORMAL" (or) "HIGH" (or) "ULTRA"