Time Format: Difference between Drop / non-Drop frame

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.

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Got it! I did not think to look in the glossary, but next time I will add that to my search.

Many thanks! Your responsiveness to questions is remarkable and greatly, greatly appreciated.