It seems like this should be obvious - drop frames or don’t drop frames - but I am not sure what that actually means in the context of what is shown in the preview.
As a bit of background, I have been used to seeing the location of the playhead in hours:minutes:seconds:frames, but somehow I must have changed it to Settings->Time Format->Clock, which showed fractions of seconds instead of frames. Changing from Clock to either Timecode (Drop frame) or Timecode (Non-drop frame) shows it the way I am used to, but I can’t see a difference between them.
I checked the User Guide and searched the forum, but did not come up with any hits - that doesn’t mean I haven’t missed something, so I apologize if this is already addressed somewhere.