Icloud Photos - whats the pratical difference between pinned and downloaded pictures on windows?

Whats the difference between this two statuses below?

( checkmark ) The photo or video has been downloaded to your computer.

( green checkmark ) The photo or video is pinned. See Pin files and folders in iCloud for Windows.

https://support.apple.com/pt-br/guide/icloud/mm2b775ba5d8/icloud#:~:text=Pin%20a%20photo%20or%20video&text=Pinned%20files%20are%20always%20downloaded%20to%20your%20device.&text=next%20to%20the%20filename%20in,Photos%20in%20the%20Navigation%20pane.&text=When%20a%20photo%20or%20video,a%20checkmark%20next%20to%20it.

As far as I could understand a pinned picture is a downloaded picture, and it is deleted from the computer if deleted from icloud.com (so it's not actually "always kept on the device").

This are the changes to the context menu for each file status:

(Pinned) Always keep on this device (with a checkmark)

Free up space

(downloaded) Always keep on this device

Free up space

(thumbnail) Always keep on this device

Free up space (Grayed out)

If you click in free up space in a pinned picture, it unpins it and the local file is deleted.

If you click in free up space in a downloaded picture (but unpinned), the local file is just deleted as well.

Are downloaded (but unpinned) pictures eventualy deleted automatically by icloud utility to optimize storage?

Thanks,