Tolerances are primarily an aspect of design. When one designs a print in place hinge (such as the test you ran) tolerances are extremely important. You will get to choose one tolerance in your design and then hopefully thousands of people will print your design, it better work well.
So, if you print the tolerance test and large tolerances are failing you have large issues, if you have problems with small tolerances only then you have small issues.
Issues could be wet filament, improperly calibrated filament or any host of mechanical issues. I would say as long as 0.2mm tolerance hinges well you are doing pretty good, if not you need to start with dry and properly calibrated filament and work from there.
Just to be clear there is nowhere in the software or on the machine that one sets ‘tolerances’ or stores them as a result of this test, one simply reacts to failures of a tolerance test that should work by tuning the settings or fixing the possible broken mechanics of the machine.