Monday Form Builder Settings - Update checkbox & use form internally checkbox

Under the builder settings of a Monday form there are 3 checkboxes. I understand the first checkbox (the Show name question), but am looking for clarity on what the other 2 checkboxes control…the tool tips provided when hovering over the information icon aren’t very helpful.

What happens when you check “Show update question” on the form?

Assuming checking the use form internally box locks down the form so only members of your workspace can access the form and turns off the shareable form link. What about the access for added guests to the workspace/board?