Adjusting caption behaviour:
singlelinecheck=True : sets centre justified if a one line caption.
parskip=5pt : Set a vertical gap when a new paragraph starts in the caption.
hangindent=10pt : Lines other than the first line in each paragraph are indented by 10pt.
indention = 10pt : All lines are indented equally. Combining this with hangindent results in lines other than the first being indented more.
The singlelinecheck results in left justified short captions; not nice to my eye.
The caption width matches that of the figure unless margin is specified,
margin=10pt sets a gap, both sides around the caption relative to the figure.
format = hang seems to set the subfig label (a / b / c etc) away from the caption body. Ugly, imho.
Set with, for example,
\captionsetup[subfigure]{style=default, indention=10pt}
\captionsetup[figure]{width=0.8\textwidth, indention=5pt}