Hi,
the fallback cache is here for the instances when the page hasn’t yet been cached by CF and is being served by your origin server. At that situation fallback cache works as a disk-level cache so instead of executing all the PHP codes that needs to be executed in order to generate the WordPress content, the content will be served from fallback cache.
Now when using this plugin you don’t need any extra page rule at the cloudflare side to bypass any pages. If you are using the plugin with the default setup (i.e. not using the worker mode) then the plugin will add 1 page rule in the cloudflare and that’s it. You don’t need any other page rules related to caching in the Cloudflare.
If you would like to bypass cache for certain path of the page you can just add those paths inside the Prevent the following URIs to be cached
section of the plugin settings and that’s it. Those paths won’t be cached.
Coming to the Don't cache the following dynamic contents:
here you basically select certainpage/request types that you don’t want to be cached.
Under the fallback cache section you also have a place to bypass generating fallback cache for certain paths that you enter. In this case for those paths the fallback cache won’t be generated but those pages can be cached in the CF CDN.
Under the third party section you can also fine tune the cache behaviour for different plugins like WooCommerce selecting if you want to bypass cache for certain WooCommerce pages.
In short beside that 1 page rule added by this plugin to the CF account, all the cache behaviour is managed by this plugin and you should take advantage of that.