Time-lapse allows you to capture a series of stills. You can select intervals of either time or distance, eg. a still every ten seconds or a still taken every 50 metres. I have done both, just to see how it works. It wasn't at all obvious to me why I would want to do it again. These are complicated toys, there's no need to play with every feature to get your money's worth out of a drone. I can't remember what steps are involved, I just remember trying to do it and managing to do it the first time. That's not particularly helpful, is it? I'll try again.
Time-lapse is selected in stills picture mode rather than video mode then you select Timelapse as the photo mode, then you select the time interval: 5,10,15, 30, 60 or 120 seconds.
GPS Lapse works in a similar way, a photo mode under the still camera mode, you can select an interval of 5, 10, 20, 50, 100 or 200 metres between stills.
Hyperlapse is an option under the video mode, a hyper-lapse creates a video, Time-Lapse and GPS Lapse create a series of individual sequentially labelled stills.
I imagine these modes are demanded by people doing surveys rather than people being arty.