I’m assuming the UVs in both cases are internally represented in the same way, it’s just the user interface that’s different.
I’m pretty sure the V doesn’t stand for 'V’ertical. It’s probably some sort of historical thing.
You have to let go of the idea of up to date and full documentation. It’s just never going to happen, I’m afraid. If you really want to know how things work, then get the engine source, and have a look