One filters the profanities, vulgarities, obscenities. The other reduces the gore, blood, violence. I prefer if the game had no offensive language, but it likely will, so at least give us the choice to censor it. Creating content filters might be hard for the developers but there are players that would like it a lot.
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Not sure what that counter thing is, but do not include it in future posts.
Also, there will be no content filter in the game.