Dear Reed,
There is no difference if the full life cycle is modeled. You take an EoL treatment process of biowaste as an example. In the 0/0 approach, there is no emission counted for biogenic carbon at the end of life and there is no biogenic carbon accounted at the raw materials life cycle stage where the biomass is created by biogenic carbon uptake. Also in the -1/+1 approach the overall result should be zero, since you have an uptake counted as -1 and later an EoL emission of +1, which results in zero.
If you have to take 0/0 (usually all standard LCAs that are not EPDs) or -1/+1 (all EPDs according to EN15804 and all PCFs according to ISO14067) depends on your study and your standards to follow. IPCC 2021 is only giving the factors, but if biogenic carbon is explicitly accounted with uptake and emission (-1/+1) or if biogenic carbon is not accounted (because every biogenic carbon uptake will be emitted anyway back to the atmosphere resulting in zero overall impact) depends on the standard, on the goal and scope, on the study.
I would assume that TRACI 2.1 (but I have not double-checked it) uses the 0/0 approach, because the method goes back to 2012 where every LCIA method was using the 0/0 approach. Even old EPDs based on EN15804+A1 were based on the 0/0 approach from the CML method and only the newer ones based on EN15804+A2 use the -1/+1 approach.
As I wrote before, if you are free to chose the approach, the 0/0 is the "standard" LCA one and it is the safer approach, because you will not get any accounting inconsistencies from biogenic carbon imbalances in your product system or any accounting inconsistencies from mass distortions of biogenic carbon due to allocation in the background database.
Best wishes,
Conrad