Serrations can cut through some things better, such as rope or cloth. They can also saw harder materials. The downside is that they do not cut as cleanly as a plain edge, and they cannot really slice.
So a plain edge knife can slice well, but will have trouble with, say, cutting rope.
A fully serrated blade will cut rope well, but will have trouble making clean slices though, for example, paper.
A combo edge offers some of both. But the downside is that you only get half as much of each. For tasks that require a plain edge, you only have around 1.75 inches of blade instead of around 3.5. The first time you try to slice something and have the serrations get in the way you will see why some people prefer a fully plain edge. However, some people also prefer a combo edge as they prefer to sacrifice some slicing for the occasional use of the serrations.
It's a matter of taste. Use your knife a bit and you will start to develop an opinion of which type of edge you like more. Eventually, you will probably have knives in plain edges, others in combo edges, and others that are fully serrated. I know I have several examples of each, and I use them all.
When I buy a knife, I decide whether I want plain, combo, or fully serrated depending on the model, what I want to do with it, how it looks, and depending on my mood at the moment.
Since this is your only knife, I think the combo edge was the right choice, both as a learning experience and to cover as many cutting bases as possible.