Wikipedia defines (DynDns) as "It is best-known for its free DynDNS dynamic DNS service, which allows users to have a subdomain that points to a computer with regularly changing IP addresses, such as those served by many consumer-level Internet service providers."
While true, DynDns generally has to point to the public IP address of a router first and then the router re-directs the port to the computer and port handling the service. It does that by configuring port-forwarding within the router.
In a load balancing scenereo, dyndns could point directly to a computer. This is what I mean by things get really hard to define. In the "scope" of a "home network with a private IP" it would not. It points, INDIRECTLY, to a computer.
What makes the explanation wierd is: "Why would I want it to point to a computer with a varying IP address? Suppose I think "computer" is a computer on my private network and it uses DHCP, so "My computer" has a time varying IP address, right? For Dyndns to work effectively, you need a computer/service with a fixed IP on a private network attached to a router with a time varying public IP address.
Is that any better?
Uses for was not addressed in your post:
https://www.electro-tech-online.com/threads/dyndns.121072/#post998007
The OP was confused with Wikipedia's explanation. I find Wikipedia's explanation confusing.
For the benefit of the OP, a public IP address is routeable. A private IP addess is usually 192.168.x.y, 10.x.x.x and one other obscure range of addresses. It is pointless to have dyndns point directly to 10.0.1.1. Again, what makes things confusing is that the router will respond to both a public and private IP address, say 10.0.1.1 within the approprite subnet and the public IP that will also point to the router.
Aside: At home I havn't the foggiest what goes on with my network because the modem is in bridge mode and the router does not have an http configuration page. It uses propreitary software. In order to access the modem configuration, I have to use 192.168.1.1 through a wired connection. I have not found a way to connect to the modem from within my network even if I changed it's IP address. It makes troubleshooting a real pain. I need to reduce the network to modem and single computer to troubleshoot and I have another modem configured that way.
I would actually like the OP to respond in his own words on what Dyndns really is.