The current parameters are the ones you currently have set on the HDA in Unity. The plugin saves out a preset of all parameters and inputs before a Rebuild. Then the preset is applied during the rebuild after the HDA is initially loaded and cooked.
Use Rebuild if you change parameters and HDA network. To be honest, I would always suggest using Rebuild if you actually saved the HDA in Houdini after a change.
Rebuild does the following: -Save parameter values and inputs as presets. -Clears out all existing state and destroys all generated objects. -Deletes the HDA instance in Houdini, then reloads it. -Cooks the HDA, then generates the output. (first cook). It will have default parameter values. -Applies the saved preset (parameter values and inputs, if found and valid). -Does a Recook (second cook). This basically cooks with your saved parameter and input values. -Clears the preset.
Use Recook for normal parameter and input changes. This checks changed parameter and input values, and only uploads those that changed. Note that if a new session of Houdini, and HDA does not exist, actually does a Rebuild instead.
Otherwise Recook does the following: -Uploads changed parameters and inputs (so incidentally current values are kept). -Cooks HDA and generates output.
There is also Reset Parameters which is basically the nuclear option. This does same as Rebuild but without the parameter preset step.
tl;dr: Use Rebuild if you changed the HDA. Otherwise Recook.