WebM does not play on many phones, TVs or in most video editors. WAV is uncompressed, so audio editors and transcription tools accept it without fuss. WebM is at home in royalty-free video on websites; WAV is the usual choice for recording, editing and mastering. The WAV contains the soundtrack only; the picture is dropped.
The defaults suit most files. Under Options you can trim the start and end. This is demanding work for a browser: a long or high-resolution file can take several minutes, and your device does all of it, so keep the tab open.
The conversion uses your browser's own video and audio codecs (WebCodecs), with hardware acceleration where the device has it; the file is read from disk as it goes and can be up to 2 GB. Where the browser lacks a codec, the page falls back to the compatibility engine.