Every time a visitor sees activity content on the page, Target makes a direct server-to-server call to Analytics, including which campaign and experience the visitor saw. Target also calls Analytics whenever the conversion is made. Analytics adds the conversion as a specific new Analytics event named "Activity Conversion," which is tracked along with other data collected by Analytics.
When the Select operation is used and you sort on Entrants, then only experiences that received entrants during the selected time period are displayed in the reports.
Go through this doc to understand how reporting works in both solutions: