I'm moving from an older system with Movie studio Platinum 10 to a new system with Movie Studio 16 suite. Can I export the color correction and text settings, etc that I have saved in MS 10 to the new system?
Yess. make in the old Pl 10 a vf and store there all the settings you made other than the defaults and that you want to hold. Open that project in VMS 16 and go to the own made presets and store them with the "add" button
As long as you mean with "saved settings" your own made presets for Media Generators, you have to load them on an empty timeline. For made presets on every FX you first have to enter an event on which you add all those FX presets.
I find some presets can be found in an "OFX Presets" folder in User/Documents. These are automatically picked up by a later version of VMS plat. I never created the folder so it must be something Vegas MS does.