Two modes, two jobs
Preserve pitch on is the practice mode: the solo stays in its key while you slow it to 50-75%, loop it in the player, and creep the speed back up as your fingers catch on. Find the song's tempo first with the BPM counter and drill against the metronome. Preserve pitch off is the tape/vinyl mode - pitch drops with speed, which is the entire "slowed + reverb" aesthetic and also how you check a mix for surprises at other keys. Trim the result to length with the audio trimmer.