And the original one.
Well mainly speed, and the amount of current it will supply. The speed thing is a negotiation so it sorts itself out to the maximum speed both ends can cope with. There are also more “modes” in the higher version numbers.
It depends what you are putting down it in terms of data rate.
Sending down the cable.
For example an Arduino would not cope with high speed digital streaming anyway, if you wanted to do that you would have to use a higher USB standard than USB 1.