I always use the following as my guide:
1,
Aftershave splash (used to be called 'lotion' in my Dad's day) is alcohol and witch-hazel based and is used as an astringent to help close the pores and heal very minor wounds (hence the witch hazel) and also provides an antiseptic (the alcohol) effect to avoid infection. The scent of an AS isn't intended to last that long...it's other qualities are more important, but the fragrance can provide a great aromatherapy effect...associating that particular fragrance with a relaxing ritual.
2.
Aftershave balm is usually alcohol-free and is intended to re-moisturise the skin and sooth razor-burn.
3.
Hybrid lotions have varying amounts too alcohol or none and are intended to achieve all of the above.
I don't like modern lotions as such as I often find them too greasy and I don't like the face-feel of most I've tried. I much prefer to use an aftershave splash straight after drying my face at the end of the shave. I usually give this anything up to half an hour to settle. When my face feels dry (i.e. not sticky or oily from the shave/AS splash) I then put on some balm.
Different aftershaves and balms feel very different, depending on things like: using alum or witch hazel after shaving, what type of cream/soap I used, my skin type, how closely I've shaved...etc.
In the end, it's a case of trying out what you like most... what scent makes you feel good, what order you like to use splashes and balms in, or whether you prefer to use just one or none at all. Many just want to use pure witch hazel and some like to mix their own concoctions.
Anyway, that's my thoughts on this incredibly important matter