Yes, SETTINGS is a Scrabble word!

Letter values in Scrabble US: S 1, E 1, T 1, T 1, I 1, N 1, G 2, S 1.

Is it a valid word?

SETTINGS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the context and environment in which something is set
the state of the environment in which a situation exists
arrangement of scenery and properties to represent the place where a play or movie is enacted
the set of facts or circumstances that surround a situation or event
the physical position of something
a table service for one person
a mounting consisting of a piece of metal (as in a ring or other jewelry) that holds a gem in place

Also: mise en scene, stage setting, place setting.