Which function allows you to move segments on the timeline but can also delete them?

The function that allows you to move segments on the timeline and also delete them is the Segment: Overwrite/lift (red arrow). This tool is versatile because it can both overwrite existing media on the timeline and lift clips, which means it effectively removes them while maintaining the timeline's overall structure. When you choose to use this tool and perform a lift, any gaps left after the segment is removed are filled, allowing for seamless editing.

The other tools mentioned serve different purposes: the Slip Tool is specifically for adjusting the timing of a segment within its in and out points without altering its position on the timeline. The Extract Tool is designed to remove clips and leave a gap, but it is not utilized for repositioning segments. Lastly, the Trim Tool is focused on adjusting the in and out points of clips rather than moving or deleting them. Therefore, the Segment: Overwrite/lift function stands out for its dual capability to both move and delete segments efficiently.