Profile & Goals, under Settings, holds the few facts the budget needs and the goal it is working toward. The goal has two parts that are kept separate on purpose: the pace, which sets the calorie target, and the metric, which is the number progress is judged by.
Date of birth, sex, height and weight feed the resting energy equation. An activity level matters only until Apple Health has five days of measured movement, after which it feeds no arithmetic. The newest weigh-in keeps the profile weight current. Units are metric or imperial, your choice.
How the pace becomes a calorie target, and the floors and caps on it, is on the Energy budget page.
Weight is the default and the only option until there is composition data. Once body composition readings from a connected scale span 21 days and the newest is no older than 14 days, you can judge the goal by body fat percent or by fat mass instead, with a target for that number.
This changes what progress and the projection are measured against, and when the goal counts as reached. The pace and the calorie target still come from total weight, because nobody can choose to lose fat specifically. The day you change the metric is marked on the chart, so a reader knows why the target line moved.
Someone whose scale weight is flat while fat mass falls sees progress the weight chart cannot show. That is the point of the metric.
The export records the goal metric, its target, and when it last changed, so an outside reader can tell which number a stretch of history was being judged by.
See also: Weight and body composition.