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Nero Video 12 - Haven't used in a few years, need refresher

Is this the best way to remove a part of an mp4:
1. When the video is on the timeline, use the scissors to mark the end of the section you want to cut and then drag the scissors to the beginning of the section to cut. Then the pointer tool in the middle and right click 'delete and close gap', then add a transition?
2. What are the red & green markers on the scissors used for.
3. I am still on Video 12 - Are the newer versions much better? If I accidently delete part of a clip, I'd like to be able to restore it

Thanks, Allen
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