Degrees, minutes, decimal minutes (More than two digits)
Precision goes:
Degrees, minutes, seconds, decimal seconds (typically two digits)
Both get used in different places, even within the Hornet. I have an old post about it and will try to link it for you here.
Edit, here it is:
This was before precision mode in the GPS munitions iirc, but they use seconds with two decimal places. You can change the HSI’s display type as I recall as well, I just have not done it in a while.