Choosing an export format

Most of the time the answer is GLB. The other formats exist for specific destinations that cannot read it, and each one loses something on the way.

The short answer

Match the format to where the file is going:

What only GLB carries

Skeletal animation exports as animated glTF, so a rigged voxel character keeps its clips only in GLB. The same is true of emissive and metallic materials, punctual lights (KHR_lights_punctual) and GPU-instanced scenes. If you export a lit, animated scene to OBJ, you get the geometry and nothing else.

Sprites and video, not just meshes

The pipeline also writes 2D output: PNG, animated GIF, sprite sheets, SVG and WebM screen recordings. If what you actually need is a sprite for a 2D game, exporting a sheet is usually better than exporting a mesh and rendering it yourself.

Shipping lighter meshes

For real-time use, Generate LODs (3 levels) writes progressively simpler versions alongside the full-resolution mesh so an engine can swap them by distance. The export dialog flags a model as high-poly for real-time use and suggests this before you ship it.