Once you stack modulation and automation across several parameters in a clip, the Session View chooser can get cluttered fast. Turning on Only Show Adjusted Envelopes filters the view down to just the parameters actually being modulated or automated, so you can jump straight to what matters instead of scrolling through every available lane.
The clip in this example has automation on Timbre and Arpeggiator Rate, plus modulation on Filter Frequency and Time Wobble, with a later scene layering in modulation across three parameters at once. Switching on the filter makes it easy to see exactly what's moving where, without hunting.
Watching the envelopes side by side also reinforces the core distinction between the two systems: automation changes a parameter's absolute value, while modulation scales it relative to whatever value it already has. That's why modulated envelopes look different on the grid, a useful visual cue once you're running multiple layers on a single clip.