Hi Dennis,
The sf_model_vrs_name is equal to the Model version name as specified in Model settings at the moment of deploying the application.
Whilst the sf_model_vrs would technically always suffice as this is a timestamp of the upgrade scripts being generated, but the timestamp usually doesn't explain well enough to the user which version it actually represents. You could look into the sf_model_info table on your Software Factory database via SSMS or Azure Data Studio and see the sf_model_vrs_name is equal to the platform version.
So in short, it is an easy way to telling which product version an end product database is. It should correspond with the Model version description of the Model version with the same timestamp.