1) interchangeable in some way.
2) when you are reading time, 分 is more common. -现在是什么时间?--现在五点零三分。(what time is it now? It's 5:03). By the way, sometimes we even omit 分 when describing certain times. 五点一刻,五点二十,五点半 (5:15, 5:20, 5:30)
3) when you are describing a duration of time, 分钟is used. --你等多久了? --才等五分钟。 (-how long you've been waiting? --Just 5 minutes.)
4) to avoid confusion; sometimes they carry completely different meanings.
let's say you are describing something is so deeply [adjective], to a certain degree.
one example being: He works so hard that he won't even waste a minute. 他如此努力,以至于一分钟都不肯浪费。
another example: he won't make even the slightest concession. 他一分一毫都不肯让步。in this example, 分 doesn't mean literal "ˈminit", but "mīˈn(y)o͞ot".