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Scheduled Actions vs Wait Elements

Can anyone explain to me the difference between a Process Builder that contains Scheduled Actions to call a flow versus a Process Builder that used Wait Elements  within the flow for its immediate action?

I was contemplating using Process Builder that would call a scheduled action to create 3 tasks some 90 days after a certain date but I never got that scheduler to call the flow action. However when I used Wait Element for this 90-day delay (by setting the Wait Element  Offset Number to just 1 day)  it called the flow after the conditon was satisfied. Maybe I'm misunderstanding their respective uses. Thanks