Yes is does allow you to set your engraving angle. Horizontal would be the X axis back and forth.
I use the 45 degree mostly because it saves on engraving time by being able to use a slightly higher Pixel Resolution (stepover). With that angle it brings the tool paths slightly closer together so un-burnt lines do not appear. It does not have to travel as far a distance (perimeter) when running the gcode file that way.