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Three steps in a row: it checks the package and the formulas; repairs damage, broken (#REF!) and structural formula errors and breaks circular references; then slims level by level (deep, standard, conservative). Steps with nothing to do are skipped and you get a single file back.
The result is the same; you just don't have to decide which tool comes first. For the check-up report alone, or a single step, use that tool's page.
Every step is verified: after slimming each cell's value and formula is compared, and any difference means a lower level or no file at all. Rewritten formulas come with a CSV change list you can undo line by line.
No. Those are often part of the sheet's logic; one-stop only fixes broken and structural errors. To wrap calculation errors in IFERROR, use the fix option on the check-up page.
Results are deleted after 7 days, so download them in time. When processing fails, the original is kept for troubleshooting and also deleted after 7 days.