I'm beginning to wonder as well, will have a chat with the dealer and/or Skoda UK to clarify. Either my car has a fault or Skoda information is very misleading.
P66 in manual tells me The personalization feature allows each vehicle key to be assigned a user account. In the user account, settings can be assigned regarding e.g. light function, driver's seat and exterior mirror position, assistance systems, radio, navigation, etc.
The Karoq configurator tells me : Driving Mode Select will change the car’s character on a single push of a button to meet your current preferences. Do you want to drive sporty, float comfortly or save fuel? With Personalisation, three different keys for three drivers memorize all the settings for each one.