Every time a record from the table (or view from a table, if specified) is created or updated, Airtable checks to see if the new field values match the conditions set by the Automation. If the conditions match, the Automation will run. If a record ends up meeting the conditions set multiple times throughout that record’s lifetime, the Automation will run for that particular record multiple times.
That name is exactly what I’m suggesting be changed to more accurately reflect what it is and does. All the other triggers listed are discrete events that happen at a time. This one is a property that doesn’t happen at a specific time; it’s just a condition that generally exists. If they added “new/updated” to the name, it could make it clear what time/event would cause this to fire, and clear up a lot of confusion.