Selecting a device (mainly) chooses two things: Output format for conversions and the output profile for conversion (screen size). THe screen size is used when resizing images during conversions to fit on the screen.
There are other less important things that get set by device choice, but I wont go into them as they are too many/too small.
The device you choose in the wizard has no impact on calibre detecting/connecting to other devices.
You should only choose generic if your particular device is not in the list.
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