Recall that Microspeak is not merely for jargon exclusive to Microsoft, but also for jargon that you need to know because nobody will explain it to you.
Here are some citations.
This class has a lot of knobs and controls to support many scenarios, but are they all necessary?
The controls have a number of events and knobs to allow you to customize the animations.
The performance power slider controls knobs such as CPU performance, and GPU scheduling.
In informal discussion, knobs are things that allow you to configure something.
The term is a throwback to old-timey control panels with lots of dials and things to play with.
Many teams are building custom solutions because our website fails to provide the knobs and levers necessary to present the data in manner they require.
Sometimes you'll see knobs paired with levers for extra old-timey goodness.