For toolpath moves that do not have any depth parameters (Feed, Rapid etc.) the Wrap radius parameter determines the angular position. If you leave the Wrap Radius parameter blank, the tool position is used.
For cycles that use Depth parameters (for example, Face Milling) the level determines the Wrap radius.
For cycles that use entities to determine the toolpath, the level of the geometry determines the Wrap Radius. This ensures that the correct angular position is maintained with respect to the selected geometry.