Oh boy...that's a big question, but I'll try to keep it in summary.
An adjustment track passes any Track FX that you apply to it down to every track below it in the track list
A Parent track is a compositing relationship between a parent and its children. It has many possible uses, but maybe the most common is that you can use the Parent Motion settings to reposition/resize the output of the parent track and all of its children as a single unit.
Hummm... then maybe I should ask it this way: Once you make an "Adjustment track" into a "Parent track", does it have any additional or different function that if I had just started with a Parent Track?
If you make an adjustment track a parent track, then the effects that you add to the track level of the adjustment track will only affect the track's children. Track order outside of the parent child relationship does not affect the adjustment track behavior of the parent.
So if I only want to put effects on a group of Child tracks, I should just use Parent/Child like I always did. i.e. No reason I need to start with inserting an "Adjustment track" (because there is really no extra function provided beyond what you can already do with Parent/Child) Does that sound correct?
Adjustment track is sort of opposite way of Adjustment layer in Premiere Pro. But I still think Adjustment Layer (Use event/media instead of wasting 1 layer/video track) is far more practical.
However, the adjustment track in VP19 now allow you to control the OFX opacity with the composite envelope, which is not possible on previous version of VP. But apparently it doesn't work once the adjustment track is within Parent/Child comp.
So if I only want to put effects on a group of Child tracks, I should just use Parent/Child like I always did. i.e. No reason I need to start with inserting an "Adjustment track" (because there is really no extra function provided beyond what you can already do with Parent/Child) Does that sound correct?
Q : What is the difference between the new Adjustment Track and the legacy use of Track FX put after Composite and with a Composite Envelope added?
Track FX put after Composite and with a Composite Envelope added?
A: The difference is that all these can be done automatically in adjustment tracks :
And it means this hidden function was officially discovered, So that new users can intuitively know that it exists.
So if I only want to put effects on a group of Child tracks, I should just use Parent/Child like I always did. i.e. No reason I need to start with inserting an "Adjustment track" (because there is really no extra function provided beyond what you can already do with Parent/Child) Does that sound correct?
No, not correct. While you can put a track effect on a Parent track, that effect will not cascade down to the tracks below it on the timeline. People cried out for Adjustment Tracks for exactly that reason. They want to apply an effect on one track and have that same effect cascade down to every track below it.
Adjustment Tracks and Parent Tracks are two completely different concepts used for completely different reasons, so be careful not to confuse the two. They are simply not the same. It gets a bit complicated because an Adjustment Track can be a Parent Track if you want it to be. But the two have very different functionality, and combined they can provide functionality that neither can on its own.