A raw AAC file has no container, so some players cannot seek in it or read its tags. AIFF is uncompressed and native to Mac audio software. AAC is at home in efficient audio for streaming and video soundtracks; AIFF is the usual choice for audio production on the Mac. AIFF cannot bring back detail that AAC compression already removed; it simply stores the result without further loss, in a larger file.
The defaults suit most files. Under Options you can trim the start and end.
This pair uses the compatibility engine, ffmpeg built for the browser, because AIFF cannot be written by the browser's built-in codecs. It is a one-off download of about 10 MB that the browser keeps, it is slower than the built-in codecs, and it takes files up to 1 GB.