When you delete a file from a HDD, the first byte of the file is changed to say the file has been deleted and the space it used to occupy can be used for other files. The file data actually still remains. If the data on the HDD has not been overwritten by other files, it's possible to undelete the file by changing that first byte (typically it's the first character of the filename).
For most computer use, this is good enough. There's no point wasting time erasing the actual data of the file, when it will be erased when you write new data to those sectors of the HDD by writing a new file.
But for security purposes, if you need to be certain that the original file data has been scrubbed, you can instruct the drive to erase all the space the file used to occupy. That's what you're doing when you wipe the drive or do a full format on it. This will take a lot of time (4 hours for 75% is actually pretty good; often it can take 10-20 hours on larger drives).
If you don't need to completely wipe the file, then just deleting it is good enough. Or if setting up a new disk, a quickformat is sufficient.
Note: None of this applies to SSDs. They work in a completely different way.