Explanation sought for MAX function with multiple criteria solution and efficiency

The problem that I had was to find the maximum value of a range in one column (column E, Score, in the example) when matching values in 3 other columns (column A, Location, column B, Date, column C, Time). This will give the best score achieved for each event (time) on each day.
A simple example worksheet is attached.
Referring to a previous post I saw the following solution posted by JohnTopley:
"Try
=MAX(IF(condition1)*(condition2)*(condition3), Result))
Entered with Ctrl+Shift+Enter
..."
and this was expanded by José Augusto which gave me:

Please Login or Register  to view this content.

In looking at the referenced post and others, I also learned about array functions and realised that I had already created this one:

Please Login or Register  to view this content.

but I hadn't entered it with Ctrl/Shift/Enter!!!

Each solution works in my example worksheet; I’ve used both in column G (Formulae) to demonstrate this.
My problem is, I don’t understand the solution offered in the previous post which uses multiplication of text fields. I suspect it involves the effect of True/False in the ‘calculations' but I'm not sure.
Can anyone explain this for me, please?
I can use my own nested IF formula because I understand it (more). However, my worksheet is quite large, currently well over 200,000 rows and growing by the week, so I would be very interested to know whether one formula would be more efficient that the other.
I intend to copy/paste values to remove the formulae and obviate the performance issue but I need to apply the formula to the voluminous historical data in the first instance so this is still of interest to me.

Looking forward to any comments.

I noticed in the IF statement there is no check for column A

=MAX(IF($B$2:$B$13=B2,IF($C$2:$C$13=C2,$E$2:$E$13)))

so the other formula could be ..

=MAX(IF(($B$2:$B$13=B5)*($C$2:$C$13=C5),$E$2:$E$13))

the "*" is interpreted as an "AND" condition ("+" is an "OR" condition) so the above translates as "if $B$2:$B$13=B5 is TRUE AND $C$2:$C$13=C5 is TRUE then get value from E"

TRUE is transformed into a 1 and FALSE is 0

Select a cell with the formula, click "Formulas" then "Evaluate Formula" and yo will see how this works.

Thank you so much for the explanation. I was sort of on the right track even in ignorance.
I made a mistake to begin with in my example file because it didn't allow for two events at different locations at the same time. I changed the nested IF and amended the post incorrectly (copying the wrong formula) and it also 'got lost' when I uploaded the sample file again. User error and poor Change Control!
My nested IF does now read:

Please Login or Register  to view this content.

... and as your solution is shorter than nested IFs, it would presumably be more efficient.
I'll close the thread, satisfied.
Thanks