What do these RubyInstaller 2.4 components do?

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A few days ago, RubyInstaller 2.4 for Windows was released.

Upon installation, it asks me the following question.

_____       _           _____           _        _ _         ___
|  __ \     | |         |_   _|         | |      | | |       |__ \
| |__) |   _| |__  _   _  | |  _ __  ___| |_ __ _| | | ___ _ __ ) |
|  _  / | | | '_ \| | | | | | | '_ \/ __| __/ _` | | |/ _ \ '__/ /
| | \ \ |_| | |_) | |_| |_| |_| | | \__ \ || (_| | | |  __/ | / /_
|_|  \_\__,_|_.__/ \__, |_____|_| |_|___/\__\__,_|_|_|\___|_||____|
                    __/ |           _
                  |___/          _|_ _  __   | | o __  _| _     _
                                  | (_) |    |^| | | |(_|(_)\^/_>

  1 - MSYS2 base installation
  2 - MSYS2 repository update
  3 - MSYS2 and MINGW development toolchain
Which components shall be installed? [1,2,3]

What is the difference between these options? Which should I choose? Do any of these make the separate installation of the Ruby DevKit obsolete?

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