When selecting a print output of a channel you have the possibility to select Print (V3) or Print (V4).

This number refers to the technology being used.

A V3 printer uses GDI/EMF internally while a V4 printer uses XPS internally.

Besides this the options Microsoft provides for these two types are different. The Print (V4) is newer and has more output options. When choosing Print (V4) you automatically can get options to punch or staple, while this is not available in the Print (V3).

...But choosing a Print (V3) might me more stable as it has been around for ages.

In case of problems with quality or output, try switching from one to another to see if it makes a different. Sometimes it is a combination of the used print driver and the model that could give (quality) issues.