Difference: Linking Module Record vs. Subform Row with lookup

Difference: Linking Module Record vs. Subform Row with lookup

In terms of "database relationship structure", is there is difference between a Linking Module Record and a Subform Row with a lookup?

Both have the ability to store data related to a specific connection of two modules, right? Do I miss something?

When would we choose multi select lookups over subforms with a lookup, not considering the nature of lookups vs subforms, only relationshipwise?