A direct profile is just profiling the amp head without the cab. These are meant to be used with actual cabs or 3rd party IR's.
A studio profile is when you mic the cab during profiling and create a single profile of both. With this method the Kemper decides where the amp and cab separation is internally, which may be somewhat imperfect.
A merged profile is when you make a direct and an amp profile at the same time, then combine them. The reason for this is to have a clear separation between the amp and cab in the event you use either independent of the other. They sound basically identical.
Thanks for this brief breakdown, helpful.
Is it not true the concept of doing a direct profile is intrinsically problematic because it is still dependent on whatever load is used? It's not like the amp is going to sound better or consistent or more real simply because of it being a direct profile, the load is still going to matter, correct?