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The Party Popper is the most powerful booster but it is also the rarest and I've only received a free one twice. So for practical purposes I like the UFO the best because it is great for helping break up blockers and opening up the board.
As for your other questions - yes I do understand what the different boosters can do and how to use them. The booster I use the least is the coconut wheel. That isn't because it's not useful, but there is only one type of level I can use it on - a pure ingredient level.
I like the stripe lollipop you can find in Candy Crush Soda and Candy Crush Friends because it hits the candy in a vertical and horizontal line at the same time.
If I could create a booster it would be a cherry bomb candy booster and would destroy with one boom what ever you placed it on. So if you placed it on a magic mixer it would explode it or if you placed it on a square with several layers of icing, it would clear the square completely. ๐๐ค