"Skip" is great, "skip all" doesn't always work, and "Break" seems "Broken" -doesn't seem to do much.
Pretty sure break breaks any loop that you may be in that caused the error. At least that's what it means in C++ which is what I think the game's coded in (tired and can't be asked to check). So if you keep getting the same error endlessly (and I mean not because an entire set of emitters is bad and it's throwing an error message at each one, but it's really in an infinite loop), that should get you out.
Some people swear by it, but it's a double edged sword - file changes beyond basic values can easily screw it up. It also bugs you with irrelevant code warnings here and there
It's really good for tweaking things, but there are a lot of limitations, some of which are because the game needs to be streamlined. I'd love a dev exe option to load the whole damned thing into ram even if a race isn't playing or no entity uses a model at that time, but I understand why it's not there. It makes understanding model errors a bit easier, and that's what I use it for most of the time.