The event with Else will only run if the previous event did not run. Very useful for toggles.
Invert is usually for picking like usual.
For example, if you had is overlapping, and inverted is not overlapping, both these will run and the relevant actions applied to the objects that are or are not overlapping.
If you had overlapping, then else, the else event would only run if nothing was overlapping. If anything was overlapping, the else event would not run.