The confusion isn't helped by the manual. Looks like they renamed the menu option on the controller but didn't update the manual:-
None:
Thermostatic control:
The built-in temperature sensor measures the current room temperature in the reference room. This value is compared with the target room temperature and, if there is a difference, results in adjustment of the heating flow temperature by means of the so-called "Effective target room temperature".
Effective room set target temp. = set room target
temp. + (set room set temp. - measured room set temp.) The effective target room temperature is then used for controlling instead of the set target room temperature.
Thermostat:
Works in the same way as thermostatic control, however the heating circuit is also switched off when the meas- ured target room temperature is +3 °C greater than the set target room temperature.
When the room temperature falls 2 °C below the set tar- get room temperature again, the heating circuit is switched on again.
The use of room thermostat control, in combination with careful selection of the heating curve, leads to optimum control of the heating installation.
On the actual controller, the order of the options is 'None, Modulating, Thermostat' - so I reckon 'Thermostatic Control' above is 'Modulating'.
This also means that the 'Thermostat' option does 'Modulate' as well!