Bejoyengineer- A 94 relay is a tripping relay that does not latch or require a manual reset. An 86 lockout is latching relay used for catastrophic failures. It locks out the breakers to prevent reenergizing the system. An 86 requires a manual reset (some can be reset remotely). It makes the operator think about what has happened and what he needs to check before returning power. Good 86 circuit design opens the breakers close circuit as well as energizing the trip coil.
A transformer 86 won't trip unless a major fault is detected in the transformer (differential overcurrent, sudden pressure, short circuit). You don't want to renergize until it has been checked out.
But a distance relay is monitoring a transmission line that may be equipped with reclosing. A lightning caused flashover can be cured by opening the breaker, waiting a few cycles, then reclosing the breaker to return power to the customers. If the distance relay used an 86 to trip the breakers, any reclosing would be locked out and a preventable outage might occur.
Use an 86 when you want it to stay denergized, a 94 when it may be OK to return power.
Why not just have the protective relays trip the breaker directly instead of using a 94 relay that adds a few milliseconds to the tripping time? Maybe there is more than one breaker that needs to trip. Maybe another 94 output contact intiates a breaker failure scheme or a sequential event recorder or a SCADA input. Maybe the 94 contact energizes trip coil #2 on the same breaker while the relay trips coil #1. Using the 94 relay contact keeps the two trip coil circuits seperated so a commmon failure doesn't take everything down.
You have good questions. Keep asking.