Customizing Event Registration URL

In the "Register and Join" section of the event settings, under the "Links and live access" subsection, there is a white button next to the update button that says "Create event access." When we click on it, it gives us an option that says "Link name" and another one that says "Set as default link." We are wondering if this section allows us to customize the event registration URL to make it shorter and more accessible to users. If not, is there an option elsewhere in the event settings? Also, what does this option refer to?