Experiment and have fun! You'll figure out the editor.

If you just want to animate a sequence of frames in a spriteset, you should probably use a single Play Frame Group animation op, possible followed by Repeat.

An animation might end in Repeat (e.g. Walk), or not (e.g. Attack).

An "animation" doesn't have to do anything visual or contain any wait commands. It can be used to perform some edits to a slice, e.g. change the color of text when you select it in a menu or change an enemy's palette.