Correct, you could use your normal every Monday backup schedule as usual along with the one in Task Scheduler if you like.
The incremental backup
shortcut basically just creates another one of your incremental backups that you already setup. This is the same as clicking on the Back up now
button in "Backup and Restore" to manually create another backup of what you already had setup in the same Backup Set
The create new backup
shortcut will create a completely new full backup of what you already setup in "Backup and Restore" in a new Backup Set
You would be able to restore these backups the same way as any other Windows Backup you created. Restore Backup User and System Files