For ease of reference I will summarize here, for anyone else who has the same question.
The Biblical Terms Renderings tool is intended to be used to double-check key terms in the current verse, as one is working verse-by-verse. Only one pane with a list of terms is visible. By default it only shows the terms for the current verse, and it opens as a panel.
The Biblical Terms tool is intended for comprehensive Biblical terms checks. It shows the list of terms in the top panel. The middle panel shows the entry information for the term selected. The bottom panel shows the all of the verses where the selected term appears. By default it opens as a floating window.
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