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PXI Multifunction I/O Module- Max update Rate vs. Settling time

I am comparing PXIe-6341 with max update rate of 900 KS/s and a Settling time of 6 µs with PXIe-6356 with a max update rate of 3.3 MS/s and a Settling time of 2 µs. 

First, how is the Settling time defined by NI? Does it mean the response time of the amplifier could be longer than the sampling rate? If I want to successfully measure a digital square wave signal of 1MHz, would the Settling time be a limiting factor?

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