In the playlist you can indeed "randomize" the actual order of the files.
However BS.Player's repeat and random
play functions represent a separate feature.
Playing media with Random/Shuffle option doesn't alter the playlist itself.
It concerns the way or rather the order in which BS.Player is playing the files on the playlist.
If you have chosen "Random" (or "Shuffle" in Media library)
for playback BS.player will remember this setting and will also start-up next time with this option chosen. (The option chosen shows on most skins. Base skin: top right)
Your "BTW, does Random = Shuffle+repeat all?" is not clear to me.
E.g.: when selecting "Shuffle" in ML any repeat-option as may be previously chosen is no longer valid. Your skin will then show "random" instead.