Modern standby was the improvement to connected standby. I can't remember what OS connected standby came in, but you can google that to figure it out. Modern standby was Win10. I believe they both utilize the s0 power kind of like phones. I'm sure microsoft has the documentation on it.
It's a type of standby where your laptop does whatever it wants on it's own. For example, you put the laptop to sleep and put it in the bag - when you take it out, the whole bag is on fire.
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