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Both scripts work on managing budgets, however, one focuses on avoiding overspending, and the other one focuses on ensuring you reach a target monthly spend for your budget.
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The Pause When Things Spend Too Much script helps you ensure you never overspend your budget. It checks if an item is exceeding the budget and does two things to avoid going over: it pauses the entity and notifies you over email. This allows better control over your budget, and you can set the script to re-enable the entity at the beginning of the next budget period.
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The Reach Target Monthly Spend script, on the other hand, will adjust the budgets to meet a target spend. Instead of pausing the entity once the budget is exceeded, it modifies campaign-level budgets to reach your target spend, helping you complete the full budget allocated for the month.

Yes, both Budget Scripts can be used for Performance Max campaigns. But you'll need to make sure they run on the New Google Ads Scripts Experience. You can read more about this here.

You can track data for these campaigns using these scripts but are restrained from taking any sort of action, like updating the campaign's budget or enabling/pausing these types of campaigns. The restriction is from the API side for this specific campaign type.

No, due to API restrictions, it's not possible to track or apply changes to Smart Campaigns through these scripts.

It's enough if you change it in the Optmyzr settings. Once the script is downloaded and running on the Google Ads account, there's no need to re-install it.

The same applies if you use a spreadsheet in the script settings: you can just simply change the budget amount in the spreadsheet, and the script will be able to pull the updated amount the next time it runs.

The shared budget option is used when managing a budget that is shared across multiple campaigns. Select this if you want to manage a shared budget; leave it unselected if you are managing an individual campaign's budget.

The script checks for budget names and pulls in data accordingly. If you change the budget association mid-month, for example from a shared budget to a campaign budget, the script won’t transfer the spend from one budget to the other. To avoid confusion and maintain accuracy, make such changes at the beginning or end of the budget cycle.

If you’re using Based on Day of Week Potential or Evenly with Increases for High Potential Days as the budget calculation methods, but there isn’t enough historical data available for the Reach Target Monthly Spend script to calculate the required daily budget patterns, the script will set the budget evenly based on the remaining target and the number of days left.

For example, if there isn’t historical data to determine the ideal daily budget, and the remaining budget is $400 and there are 4 days left in the month, the script will set a daily budget of $100.