Default simply uses whatever setting is defined in the global export menu, mostly that under Object. You can selectively override default settings with the remainder of the Export Options menu. It gets pretty complex, as you have to guess, or carefully examine, how the local image settings might be overriding the global ones, and then you can block the local settings and use only global ones with one checkbox.
All of this is another good reason to NEVER use any "default" setting except for quick projects. Define your styles and settings and modes fully, so you know what they are doing. Continue your experiments without relying on any of the 'default' options in any of the relevant menus, so you will know exactly what mode is doing what.
But yes, I believe baseline "default" is "relative to text flow," which is more or less set by the text width in between margins.