Hi @IsaacD,
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Processed gets applied when an order is completed, and the payment is processed through the payment gateway.
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Pending gets applied when an order is completed, but the payment is not fully processed. This will only occur when the order is placed through an asynchronous payment method (e.g., Paypal Express Checkout).
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Disputed is a status you can apply yourself as a reminder that the payment for the order was disputed. This doesn’t sync automatically with the payment gateway.
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Shipped is a status you can apply yourself when you have shipped the order. Changing this status also prompts you to enter a tracking number.
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Delivered is a status you can apply yourself when the order was shipped and fully delivered to the customer.
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Canceled is a status you can apply yourself if the customer cancels his order. It also gets applied automatically if an order is fully refunded.
For most orders, the status generally gets set to processed, and then you can apply any changes to your liking or workflow.
Let me know if that helps,
Cheers!