[Plugin Search & Filter] hierarchical vs faceted

I am setting up custom taxonomies. What is the difference between hierarchical ans faceted?

I want to filter something like this:
Categories: Shoes, T-Shirts
Taxonomies: Color, Size, Material

Categories is hierarchical by default.
But is it important what I define for the other taxonomies color, etc?
The categories can only exist once, but things like color etc. can exist multiple times for shoes AND t-shirts. Is THIS “faceted” having taxonomies that can exist multiple times or multiple taxonomies that can be chosen for one category??

PS: My taxonomies dont need parents.