You may often have a field that is used in several content types, such as a taxonomy reference or image.
You can create a field like "Tags" or "Image" and reuse it, making it quicker to set up.
When you reuse fields, the Storage settings (Field settings tab or Storage settings in edit dropdown) are shared such as the referenced type or item limit.
Field settings such as the label or referenced bundle can be configured per content type.
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