Scheduled Departure Preconditioning is a convenience if you leave each weekday/everyday at the same time. Otherwise turning on the Climate Control from the Tesla app shortly before you head out means never having to get into a cold vehicle in winter. This usually takes under 10 minutes but in very cold weather the time need to bring the passenger cabin to your desired temperature could take longer. (If you park outside, in winter, there is a separate button you can activate within the Tesla app under Climate Control to defrost the vehicle.)
If it is cold enough you will see a blue snowflake symbol that indicates the battery is cold. A cold battery will not provide maximum performance when accelerating and regenerative braking will be limited (so limited that you may experience a total absence of regenerative braking.)
Tesla added a setting under Pedals & Steering that will apply the friction brakes anytime regenerative braking is reduced or unavailable (battery too cold, battery too full.) If you enable this setting the Tesla Model Y will slow as expected even when the battery is cold.
If the battery is cold enough you will see three vertical orange heat grid lines. This symbol (looks like three strips of sizzl'n bacon) indicates that the battery is automatically being warmed.
Preconditioning the battery prior to Supercharging (raises the battery to a much higher temperature) happens automatically provided you enter the Supercharger location as the next waypoint or destination in the Tesla Navigation system. This ensures the quickest and most efficient charging session when Supercharging.