I wanted to know if my understanding is correct for a client script: standard mode will update the record but the page will not refresh however dynamic mode will refresh the page with the new data like an ajax request ?

The page does not refresh unless you tell it to refresh. You can change things live on a page using a client script, but the page does not refresh

i don't even need the whole page to refresh ,is there away to do that

document.location.reload()

ahh so just regular js stuff

standard / dynamic has to do with how records are loaded (or created) and the main difference is how you set values (order of values) and defaulting/slaving etc - including sublists (current vs referencing a line)