Doubt Related to CSM

Hi All - I have never used a Migration Set before so have some doubts related to it. Please can folks who have worked on this answer the below queries. Thanks.

a) Is migration set used only to move only personalizations or configurations also. Common Lookups, Flexfields and Valueset and Personalization constitute a huge chunk in our project. We are using Configuration package currently to migrate Common lookups and Flexfield/Value sets successfully. Want to know if these can also be migrated through Migration Set as well.

2) Personalization : We have a huge list and manually doing this in every instance is very tedious. I know we can leverage migration set for moving sandboxes. But I want to know if we can migrate only Personalization or will certain configurations be migrated as well. Another question - Ours is a multi module implementation where Core HR, OTL/Absence and ORC and all these have their own specific personalization requirement. Will a migrate set move all the personalization or can we selectively migrate.