CBSubs Email just gives more control over the recipient of the email as you can override the From Name, From Address, and To (with support for multiple recipients). If you don't need its extra functionality yes you can uninstall it and simply use the emails under the Presentation tab.
Also, if I use the email setup under Presentation, where do the sender name and email address come from?
CB emails always use the registration email name and address as configured in CB > Configuration > Registration unless configuration is provided to override them. For the Presentation emails there is no such configuration. For CBSubs Emails you can override them.
If I were to map this out does it work something like this:
The CBSubs emails are independent from the Pending and Welcome emails.
Is the point of the CBSubs Email plugin to allow different email addresses for each message, or is there some other reason it's used?
It's just more control over the emails than what the Presentation tab provides. If you don't need to override From Name, From Address, or To then you don't need to use CBSubs Emails.