Uses the Copy Location and Copy Rotation Constraints as the parenting method.
 This method is effective for handling strict parenting situations, ensuring that the object/bone does not shift or drift. It can be used in both Pose Mode and Object Mode. Notes: In both Pose Mode and Object Mode, the first selected object/bone becomes the parent. LocRot Mode causes auto-snapping, so it is highly recommended to add an extra controller and combine it with the Child-Of Mode for better control.

Uses the Child-Of Constraint as the parenting method.
 This mode can be used in Pose Mode (for bones) or Object Mode (for objects/models). Notes: Pose Mode → The last selected bone becomes the parent. Object Mode → The first selected object becomes the parent.