Using effects as inserts is great for certain things and that's fine, but sometimes you'll want other options.
There are, I guess, two main reasons.
One is that you might want to apply one single effect to a number of tracks simultaneously.
You might do this for continuity or simply to save on processing/memory resources.
It's similar to adding inserts to your master channel.
The other is that you might want to apply an effect to a track (or set of tracks) whilst still hearing the raw unaffected track.
You might have a vocal track which has its own track output but is also sent to an aux track for compression. You'd effectively be using the aux fader as a wet/dry control for the compression.
In protools I can choose to patch a track's output to an aux (first scenario - multiple tracks), or I can choose to use a send, so the track's output and aux output both happen. (second scenario)
I think a bus is really a pathway or virtual patch cable. In a modern daw an aux track won't have any audio on it - it'll serve as a destination for buses.
A track that doesn't have any raw audio of it's own.
You might choose to bus all your drum tracks to one stereo Aux.
Wether your sends are pre or post fader opens up a whole new layer of possibilities. That's something to consider.
Even just simply having a single fader for drums, one for rhythm and one for all backing vocals can be really handy, whilst still having the independent faders for greater control.
I'm sure the terminology is blurred across various suites and probably not true to the analog routes, but hopefully this is useful.