A scheduled path is a delayed branch on a record-triggered flow: the record change still starts the work, but some actions wait until a time you pick. That time comes from the create or update event itself or from a date field on the record, then shifts by an offset such as five days after Close Date or one month before a warranty date. Use a scheduled path when one record change should cause a later follow-up; use a schedule-triggered flow when you want a clock-based job that can repeat daily or weekly without depending on that change.