General tab is different for Premiere Pro and After Effects.
Project will be synced every time file or folder added to watch folder. Watchtower panel can be closed and auto import will still happen in background. Auto sync works across multiple opened projects in Premiere Pro.
Show import options
In Premiere Pro when syncing bins a dialogue will appear and ask how to import files.
It works for Premiere Pro, Illustrator and Photoshop project files.
Photoshop, Illustrator import as
In After Effects it is possible to choose how to import Photoshop and Illustrator files:
as footage, composition or composition with retained layers sizes.
Premiere Pro event will notify you about sync results.
After Effects will show notification in Info panel.