Profiles are a common operation type that tells your router to follow the path defined by the outlines of your vector graphics. Use this with standard endmills to cut through your material, or specialty tools to carve features into its surface.
Not the same path. Similar to Kerf Offset in LightBurn, if there is a container shape and a contained shape (or contained shapes) set to the same operation, the Side selection shifts the output in one direction for the outer path, and the opposite direction for the inner path(s).
For example if you had circles making up a donut shape, and set the Side to Outside, it would shift the path to the outside of the outer circle, and the inside of the inner circle.