In answer to the OP's question, I keep all my files locally on my device, so I'm unsure whether using "Optimise Storage" in iCloud has any bearing on what the results of "Export Unmodified Originals" or "Save to Files" are, re whether it saves just the compressed version or downloads from iCloud first, then saves.
However, for locally stored files, there are some differences between "Export Unmodified Originals" and "Save to Files". I saw there were two options the other day when I was using an external ssd with my device and tested it with ProRes video, Raw photos, standard video, and standard photos.
The key difference between "Export Unmodified Original" and "Save to Files" is that, "Save to Files" saves the photo, or video (doesn't matter the format - raw or standard), with whatever edits you've added from the native photos app (adjusting, applying a filter or cropping). In contrast, "Export Unmodified Original" saves the file, in the original format, removing all previously applied edits.
There are some nuances between the different file formats and how they behave when saved:
- ProRes footage that is not edited remains the same whether exported or saved
- Edited ProRes footage when saved, saves in a different Codec and is a much smaller file size
- Raw photos when saved, independent of being edited or not, save as a JPEG image file, and are much smaller in size
- Standard unedited format photos and videos remain the same whether exported or saved
If anyone tries this with the iCloud Optimise Storage setting on, please let me know if you see any changes :)