final render is used to check what the scene will look like in full quality, it will also be used to generate the final lightmaps for the build

quick lighting is used while making or changing a scene to see how lighting changes while still being very quick to render

cpu fallback is recommended if you cannot get gpu lighting to work on your system, it is identical to quicklighting, but uses the cpu instead of the gpu

minimal lighting is for any edge cases where you are working on the project but have very limited computing resources, should be acceptably fast on any hardware capable of running unity.