By pressing Z you can switch between rendering types in all modes. You can also change the view type of the selected objects. While you are in Edit mode you can only change the view type of you are editing.
This view type does not tax the performance of your computer. You can have more objects on the scene with a smoother transition while working with the scene if the bounding box is selected.
The Texture view type presents the final visual state for your render or exported 3D file or AR. You can change the material of every object in its properties.
The Wired mode only shows the lines of every geometry on the scene. The best use-case is when you need to select an element on the other side of the geometry in edit mode.
We use Matcap material for a better explanation of the normals direction. The Shaded view is the best view type for mesh modeling. In this mode, we simulate a shadow falling on the object from different types of views.