To me, the difference between a list and an array is that an array is a fixed length allocation of memory storing multiple items of the same size. This way, to jump to the third item in the list, you just need to know the data type (or rather, how many registers a single item of that type takes up in memory) and the index. That way you can jump right to the correct memory address by just doing ```index * cell size```.
You compare this to, say, another fundamental data structure, the stack. In a stack you don't know how much memory each item takes up, so you can't just jump right to that item. Thus, the limitation is that you can only pop or push the last item on that stack. Once upon a time, stack-based languages were quite common.
A list, in contrast, is an ordered, polymorphic collection of objects which can have variable size. You can create resizable arrays by using a linked list. A resizable list would typically be implemented as an array with the last item being a pointer to the next array. I believe (but don't quote me on this), that Python uses links to increasingly large arrays so that there aren't too many links. That is, it dynamically increases how much memory to allocate to that array depending on how much data you're actually storing in that list.
A list is also polymorphic, meaning it can house multiple types of data. I sometimes hear a non-polymorphic, but resizable array called a "vector," but that's super confusing terminology. You can implement this by creating a resizable array of pointers, where each pointer points to a location in memory where the value, along with the data type, are stored. This way, all the pointers are the same size and you can jump right to that location by calculating it from the index, but you still get to have multiple value types.
The distinction is not universal, though. But in my humble opinion everyone who disagrees with me is wrong.