Two separate outputs can be configured in all versions of vMix, one for Fullscreen and one for External Output, Recording and Streaming.
For example, a MultiView can be configured to be displayed on a second display without affecting the live stream.
The different output options are described in the Fullscreen help page.
If both output options are set to "Output" the Overlay check boxes can be used to customise which overlays are displayed on each unique output.
For example a "clean feed" can be set for the recording, while all the overlays are displayed on the full screen.
In vMix 4K an additional external output is available that can be configured to it's own independent source.
In vMix 4K an additional fullscreen output is available that can be configured to it's own independent source.