It has to do with how much the actual axle shafts support.
Obviously, you have an outer housing, and inside that ride the axle shafts. These transmit the power from the “pumpkin” in the center- the ring and pinion- to the outer flanges, where the wheels are attached.
In most standard automotive axles, there’s a bearing and oil seal at the outer end which supports the shaft in the housing. At the inner end, the splined end of the axle slips into the ring-gear carrier, itself supported on bearings. The axle is typically retained in the system, by a clip on the splined end, that holds the whole mess in place.
This is a “semi floater”. If the axle breaks in the middle- or really, anywhere outboard of the splines- the axle, and thus the rim and tire, can physically leave the vehicle, typically with semi-catastrophic results.
A “3/4” floater puts the retaining mechanism, usually a flanged bearing, at the outer end. So if the axle shaft itself breaks, the rim is not ejected and control is maintained.
A “full” floater goes one step more- it actually puts an entire freewheeling hub and bearing assembly, with inner and outer races on a hollow spindle, at the outer ends of the axle. This hub and spindle actually support the full weight of the vehicle. The axle shaft slides through the hollow spindle and engages the gear carrier with splines on the inner end, and typically a flanged plate on the outer end.
In this case, if the shaft breaks, the rim and tire are wholly unaffected, other than it’s not being driven anymore. You can, in fact, take one axleshaft out entirely (and assuming a locking differential or 4-wheel drive) still drive under power.