If you install the proprietary driver, it'll simply install the proprietary driver, nothing more (no codecs and such, which are installed with other packages). Otherwise, you'll be on Nouveau (the free/opensource nVidia driver), which is fine for desktop usage bur far too limited for games.
As for the version, you have to know that packages are not updated during the life cycle of an Ubuntu version (apart from a few specific exceptions), so right now, if you check the proprietary drivers manager in the Softwares & Updates app, you have access to the version of the driver that has been put in the Ubuntu repos at the time of the features freeze a few weeks/monthes ago. On Ubuntu 19.04, it seems to be v. 418.56 and will never be updated. You can use a 3rd-party repo like the Graphics Drivers PPA to easily have access to newer versions.