I just wanted to cover the answers to the questions above for those who reading this post.
To cover @RGFlores questions:
1. The Team insights page provides managers with historical trends and metrics about their employees’ needs and activities. It comes out of the box with certain reports and Performance Analytics widgets and can be configured to show additional or remove any that don't apply.
2. The tabs can be turned off and re-ordered. Details are covered in the "Custom Tabs" link that Krista provided above.
To cover @lawrencemgann question:
Managers can see Manager Hub if they have a specific role (manager_hub_user). There is a scheduled job that runs to automatically grant the role to any user who has a direct report, determined by the Manager field on the sys_user record (not determined by the HR profile).