Beside the syntax, are there any other differences and use cases
when one should use \text<lang>{...} vs \begin{<lang>} ... \end{<lang>} to
select another language, i.e., insert snippets of text written in
another language?
The documentation only stipulates longer pieces of text in favor for the environment syntax.
PS. It was my original understanding that the environment syntax started a new line before inserting the text, but a quick test proved me wrong.

polyglossiauser guide. – Mico Mar 25 '15 at 04:28