Cancel timers vs cancel delays?

Probably a silly question, but I only just realised there was a cancel delays option, can some one please explain the use case for these two cancel options?

Previously Iā€™ve been using cancel timers for pretty much everything eg:

Should I be using cancel delays instead?

Cancel Timed Actions will cancel the following actions from a selected rule:
Cancel timed actions of these rules (cancels Periodic, all Delayed Actions, Repeated Actions, Dimmer Fade, Wait for Events and Wait for Truth)
It can be the current rule, like your example, or you can select another rule.

Cancel Delayed Actions will only cancel actions in your current rule that are selected to be cancelable.

While both would work in your example, my preference would be to use Cancel Delayed Actions.

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Thank you, great explanation.