The waveform gives you a visual map of quiet gaps, speech, and musical peaks. Drag the IN and OUT points for a quick cut, type timestamps to the nearest millisecond for precision, or move the player and use its playhead as either boundary.
The first export loads a WebAssembly audio engine, trims only the selected interval, and writes a 44.1 kHz stereo WAV. WAV avoids another lossy compression pass and works well in editors, but it is usually larger than the original MP3 or M4A.