The Rotate Around Any Point (Select Path First) tool is very similar to the Rotate Around Any Point tool except that instead of selecting the center of rotation first, you select the path first. The primary reason this tool exists is so that you can define an exact between the pivot point (the center of the rotation) and the the Snapping Point you selected on the path. Other than that, there is no difference between the two tools. Here’s an example.
There is one other construction option that can be set before construction begins. On the Transformations tab there's a checkbox labeled "Create Copy"
If this is enabled, a copy of the path will be created. The original path will not be affect in any way.