There are three excellent selection tools sharing this button.
These three selection tools may be all you need, for most scenarios. They each can do things the others can't, but they are each so good that there is a separate page for each one.
Selections are so important in Photoshop and are used so much. When making a selection, it's important to make a high quality selection, so your editing is not noticeable. If you are going to edit parts of an image, you don't want the viewer's attention to be drawn to these. You want them to enjoy the image and not be aware of edits. If you create a composite, with a part added from another image, it should be done so that it's the "joins" are not noticeable.
These three tools will accomplish much of what you want, though not all. You will still need Select and Mask to refine selections and there will also be times when you need to Transform Selections.
There are so much to making quality selections and will add further pages on this in due course.