Regarding the difference between text and binary formats. The text option is basically a human readable format that stores data in plain text like this:
# Recorder Data
# Time[sec] var8 var16 var32
-0.120000 99 16995 1679421100
-0.100000 99 16995 1679421100
-0.080000 99 16995 1679421100
-0.060000 99 16995 1679421100
-0.040000 99 16995 1679421100
-0.020000 99 16995 1679421100
0.000000 100 16996 1679421200
0.020000 100 16996 1679421200
0.040000 100 16996 1679421200
0.060000 100 16996 1679421200
0.080000 100 16996 1679421200
As you can see it will print each recorded variable value with a corresponding time stamp (negative time stamps mark data collected before the trigger event, positive - after). Binary option stores the same data in a serialized form.
I'm not sure how the binary serializer works, so I will ask one of my colleagues to provide more technical details on that one.