-Development

Used during the development phase of a project.

Has additional debugging information and focuses on providing fast iteration times and easier debugging.

(i.e. allows to have access to the console to debug and run console commands while testing the game.)

-Debug

Has additional information and debug symbols for easier debugging.

Might have fewer optimizations compared to a development build.

-Shipping

This is the final version of your game that is intended for distribution to end-users.

It is optimized for performance and removes unnecessary debugging information to reduce file size.
Generally, it is faster and more efficient than a Development Build.

( i.e. It does not come with access to the console, so you cannot enter the console commands that may be needed to test your game.)

-Test

Similar to the Shipping configuration, but has additional checks and safeguards to catch potential issues during testing.

Often used for testing purposes and may include certain debugging features but is generally more optimized than a development or debug build.

-DebugGame

A balance between the Development and Debug configurations.

Provides a compromise between fast iteration times and debugging capabilities.

Faster than Debug builds, but still includes some additional checks and debugging information, making them larger and slower than Development builds.

Developers often switch between configurations during different stages of a project, using Development or Debug configurations during active development and testing, then transitioning to Test or Shipping configurations for performance and release considerations.