What is the difference between using ROUND and "Precision as displayed"?
When should you use one and when the other?

For instance, if I have 0.53 + 0.53 = 1.06 and the cells are formatted to
show only 1 decimal place, it would look like this: 0.5 + 0.5 = 1.1, which
looks incorrect. Would it be better to use ROUND or "Precision as displayed"
to make it show 0.5 + 0.5 = 1.0? It seems as though using ROUND or
"Precision as displayed" yields the same results visually, at least in this
simple example. I know that with ROUND the hidden decimals places are still
there and with "Precision as displayed" they would be permanently deleted,
but are there any other differences between the two when it comes to how
Excel calculates numbers?

Thank you in advance for any information.