When copying a page, what is the main difference between creating a new live copy of a page and regular copy? See attached screenshot. I have put the two options in red squares. If I want to create a similar page but change some text for the new page, which is the better method?
A Live Copy can be created for a page or a tree, the purpose is to enable the author to automatically(can be configured) update the live copy with changes to the source.
A simple copy is used when you need to create a page based on another page. The copy action copy's the page node, you would then update the new page. No link is kept between the copy and the original page.