In brief a Flow Action can be marked as Local Action or a Connector Action or both from the Actions tab in Flow Action rule form. The option Local Action allows you to update the assignment but does not advance the flow whereas the option Connector Action advances the flow.
A flow action marked as Connector Action will be listed in the drop down in the connector shape in flow rule whereas the one marked with Local Action will be listed in the Assignment shape under Local Actions. The one marked with both obviously appears at both places.
Yes: By default this will be the availability of the rule.The rule with availability YES will be available to rule resolution.
No/Draft Mode: Whenever we select Rule Availability is No/Draft Mode the rule never be available to rule resolution.
Final: Whenever we Select Rule Availability is Final the rule will be available to rule resolution.But It cannot be overriden.
Withdrawn: Whenever we Select Rule Availability is Withdrawn the rule is going to skip from rule resolution. This rule will make the rules present in lower ruleset versions and in ancestor classes to skip from rule resolution.
Blocked: Whenever we Select Rule Availability is Blocked the rule will skip the rules present in lower ruleset versions, ancestor classes and sibling classes.,