Hi Deena,
Lognode names are used to categorize your logs, these lognode names usually don't change when running your app locally or deploying to the cloud.
Log levels are the levels of logging you apply per module. How you set these, is independent to every environment. Changing these levels locally, won't affect the levels in your cloud environment, and vice versa. You can set the levels in your environment details under the tab 'Log Levels’:
Locally you can change these under Console - Advanced – Set log levels:
Hope this helps!