The Oceanic VEO computers default to "Air" mode when powered on. They can be manually set to EAN mode where the lowest O2% (and default setting) for EAN mode, is 21% O2. If the computer powers down the mode returns to "Air". As mentioned previously, making a dive while set to any EAN mode locks the computer out of air mode for 24 hours. However you can set the EAN O2% to 21% and dive with air without any problems. The biggest difference between air and 21% EAN mode is that EAN mode tracks and displays oxygen related information and warnings.
IMHO this is only confusing if you're monkeying around with setting your computer for one gas while you're breathing a different one. K.I.S.S.