This file is read by ConTeXt reads at format generation time. As distributed, it contains commands to control hyphenation patterns and startup languages for the generated formats.
If any changes to the predefined commands are needed, it is probably wise to report them to Pragma as well, because this file will be overwritten whenever ConTeXt is updated. The various cont-?? format driver files take precendence over this file.
It is generally better to add local settings to a run-time included file like cont-sys.tex instead, so unless your stuff does absolutely have to become part of the format file, you are better off leaving this file well alone.