Is ApplicationInitialization sufficient to replace PreLoadEnabled?

Question

IIS 8.0 onwards, there are two properties,

• PreLoadEnabled, which fakes a request to the specified page to launch the web application.
• The ApplicationInitialization module, initializes and falsifies the request in case of application pool utilization or failure.

Now, if I configure ApplicationInitialization, do I still need to use PreLoadEnabled? These two things sound inconsistent. I tried to read the documentation for both things, but I was still confused why I need to use both.