The Launcher, under the version released for Performas, didn't just appear as a launch pad. It would also control basic Performa-specific options.
With the release of System 7.1P3, the Launcher added a function which enabled additional sections to appear within the Launcher.
The Launcher's success on the Performas was sufficient grounds for its adoption on the mainstream Macintosh system software beginning as of System 7.5.
The current Launcher (as of System 7.5) is not a control panel if one thinks of it as a control panel per se -- it has no options to set. It, however, is a "launcher" or a launch pad. This forms the Launcher window.
There is just one minor option that can be set inside the Launcher: the size of the buttons (icons). The user can choose between small, medium-sized and large buttons.