You would make up you project in PD as you like. When you are happy, you have three choices for DISTRIBUTION of the finished project (and they are not mutually exclusive), you can:
1) Make a DVD (will play in DVD and BD players but will only be SD); and/or
2) Make a BD (will only play in BD players but can be in HD); and/or
3) Make a Video File (heaps of options for phones, tables, PC, youtube etc).
I have some where I made all three. I keep the Video Files on my HTPC, send a BD to one grandparent and a DVD to the other.
So edit once, produce many (as requried).
PD 64 Bit-Win10 64 Bit-32GB RAM-80TB HDD
Sony FX6 - 500Mbps 4k/50p AVC-I HLG
Canon XF400 - 150Mbps 4k/50p AVC
GoPro Hero6 Black
Pana HS700-28Mbps 1080/50p AVC (High@L4.2)
Canon HV20-HDV 25Mbps 16:9 1440x1080/25p MPEG