LineTraceMultiByProfile, how does it "use" the profile?

Hello UE forums,

I am trying to understand the difference between the different TraceBy functions. I understand that profile refers to the Presets in project collision settings but how exactly does the LineTraceMultiByProfile work? (or the single for that matter).

Line tracing by channel checks the trace against the level objects Trace response right?
By object checks by object type?
What about by profile?

I would use it to avoid having to create a trace channel for a specific case that does not happen often.
If I want to launch a ray that only blocks BlockAllDynamic I would have to do a Trace channel and then go through all the profiles to configure them.

Have you figured out how it works?