Those are ages-old settings that have just been left in there… Imperial means inch.
This is good, precise information. What that means for circles is that you are using one of the export schemes that turns arcs into polylines like below -
The “curve tesseleation parameters” tell Rhino how to break up arcs, circles and splines into short line segments for systems that can’t handle them. You might want to still do this for splines, but not for arcs and circles.
My suggestion is for you to create your own export scheme. Start with 2007 Natural and do a SaveAs and give it your own name.
The first three entries will probably be OK, most likely you will need to change the “Curves” entry to Polylines if your laser cutter can’t deal with splines. You might also need to tweak your curve tessellation parameters.
You will need to work with your laser cutter to find the best settings, it will take some experimentation.
If you are using splines (free-form curves) - you mention ‘text’ - you can also try converting those to arcs within tolerance first in Rhino using the Convert command and selecting arcs as output. Check the Help item on Convert for more details.