I use sleep mode to avoid getting any IM while falling asleep, never tried focus mode, but I think I should
It's literally the same except that you can name it differently with a nice icon that goes with it. You can also determine which apps should/shouldn't send you a notification and which persons can slip through. It can also be enabled automatically based on certain factors (like time for example).
Focus mode is more configurable by application, contacts, and so on. So, I can still be notified about slack messages and calls for some contacts while the rest is silenced.