Close Heel vs. All-Around welts
A shoe may have a welt that wraps the entire way around the sole, or it can stop just before the heel when a cleaner look is desired. This is independent of the type of welt and as far as I can tell there is no functional difference between the two. An all-around welt extends the heel out a bit which gives a shoe a more substantial look overall, and a close heel gives a shoe a sleeker profile.
One of the more common examples of a close heel is the Indy boot.
This balmoral also features a close heel. You can see that the welt stops at the heel block.
The whiskey plain toe blucher shown below uses an all-around welt to give the shoe a solid platform.
This cordovan Indy has an all-around welt. This, combined with the commando sole, gives the boot a very solid rear quarter.
The boot below has a close heel with a commando sole. It still has a very capable look but is perhaps a bit more balanced.