DASH Live vs OnDemand profiles
I know this is an old topic but wanted to answer in case someone else is having the same question.
In general, you can use both the Live and On-Demand DASH profiles for VoD content, for live content you need to use the Live profile. The difference would be that if you have a 1:30 hrs VoD file if you are distributing it using DASH Live Profile you will have a long manifest file with a big segment timeline list and a lot of mp4 (90 * 3600/{segment duration}) segments while if you are using the On-Demand profile you end up having a much shorter manifest file and a single mp4 file.
In the case of Live profile, the player would need to download the segments, while with On-Demand profile it would simply send HTTP byte-range requests to the CDN to target a particular time in the content.
Of course, this would result also in a lower CDN load, because in DASH Live profile, the player would need to download all the segments to play the video, meaning that it would need to download the same mp4 header for each segment.
If you are willing to optimize the content delivery, I strongly recommend adopting On-Demand DASH profile.