In the System Manager window, double click on the "Current Preset" column for the desired device. This activates the drop-down control inside the table.

A second click opens the drop-down list. Select the desired preset by mouse or keyboard and click or press enter. The device will switch to the desired preset immediately.

The same procedure can be used to change the active audio input. The following pictures shows all available audio input types. Depending on the device, there may be less audio inputs available.