Redwood Journey Reminder Alert Content Type - Update Required?

Summary:

Hello,

Good day!

I noticed after redwood update in each task, Notification tab - Reminder there are 3 options for content types

When you switch to redwood, by default - "Content Type = User-defined alert template and Template selection is blank."

I have 2 questions -
1) What is the difference between these 3 content types?

2) If we leave it as default "Content Type = User Defined alert template + Blank in Reminder Template" would reminder still work?

Or we need to manually change the Content Type to "Default Content" (in Default content the template looks like out-of-the-box content and grey out)? for task reminder to work?