given a point $y \in Y$, the presheaf determined by $X \to Y$ assigns $y \mapsto \lim(\{y\} \rightarrow Y \leftarrow X) =: X_y$, the fiber. any presheaf is a colimit of representables, indexed by the corresponding total space, i.e. pairs $(y,\alpha \in X_y)$, i.e. just $X$ itself. the diagram of interest takes such a point to the corresponding representable $h_y$, which is just the functor $X \to Y$. so in the end, the presheaf determined by $X \to Y$ is just
so in that sense, if you have a colimit-preserving functor, such as apparently the thom spectrum functor (?), then its behavior is entirely determined by what happens on the constant maps