There are two ways to run a component:
Development mode - runs the component with the latest code in the Translator, whether your changes have been commit or not. This is useful while you are developing your component.
On a specific commit - runs the component with the code saved in a particular commit. This is useful when:
You have commit and pushed changes to your repository and want the component to run on the new code.
You have made changes to a component in a testing Iguana environment and want to update the production deployed component.
You need to revert your component to run on a previous commit.