I assume you're using CMS 10 or higher? Have you had a chance to read this article?: https://world.episerver.com/documentation/developer-guides/CMS/Content/icontentrepositorydatafactory-interface1/
Yes, I'm using Episerver 10, I am aware of the information present in the article, however it doesn't answer my question. I wanted to know when would a user want to use Fallback option instead of FallBackWithMaster. https://world.episerver.com/documentation/Class-library/?documentId=cms/10/CA41A7DE. When clearly FallBackWithMaster is nothing but a Fallback with additional fallback to master.
I think you would use the FallBackWithMaster when you always want to return content (browsing in language A but content doesn't exist in that language but it doesn't either exist in the configured fallback language so fallback to master).
You would use the FallBack when you want to fallback to configured language and if content doesn't exist in that fallback return not found (browsing in language A but content doesn't exist in the language so fallback to configured language B, content doesn't exist in language B so content was not found).
So the difference is: do you always want to return content or do you want to return not found in some cases.
There are FallbackWithMaster & Fallback LanguageLoaderOptions which DefaultContentLoader uses to load a content. FallbackWithMaster loads content like Fallback, additionally in case of no available fallback language it loads from the Master language. So, FallbackWithMaster looks like a better option to use always. Any information around use cases, which option to use when?