Wow! That really takes me back!
I don't think I have seen one of these (or those dials) since... 2002? 2003?
Having said that... I can't remember what some of those symbols mean on the front panel! 😕 So I couldn't really tell you which one to press, or if these monitors even had a degauss button on them.
What you are seeing could just be that the monitor is somewhere in the process of failing, but back in the day, we used to have to sometimes push the degaussing button (usually just for fun though), when the picture got out of whack. It'd make the screen go all haywire for a second, but really what it was doing (IIRC) is sort of normalizing the monitor/adjusting for changes in the magnetic field around it (which could distort the image on the thing).
Maybe that's what's up here... or maybe not! Wish my memory of these monitors was better!
Let me know if you figure it out though! I am applauding your find/recovery of this ancient form of computing!