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Are there any limitations on launching a script in console as opposed to scheduled or always-on tasks?

Scripts running in consoles aren't guaranteed to keep running for any particular amount of time; consoles are designed for interactive sessions, so if you use them for anything else you won't get the behaviour you need.

So if you want something to run constantly, being restarted if something goes wrong (either on our side, eg. a hardware issue, or on your side, eg. a bug that makes the script crash) then you should use an always-on task. If you want something to run periodically (with, for a paid account, a maximum run-time of about 12 hours) then a scheduled task is the right tool.