I suspect Apple doesn’t have access to everything typed into a web form, or in a notes app, even if those values are erased/backspaces, not saved, not submitted. But Recall does. All usernames in all apps/websites. The content of every single web page you visit, not just the URL. The content of every email you read, every document you open of any kind in any app. Apple _might_ spy on some of this. Recall WOULD record ALL of that. Very different in my opinion.
It isn't there are large real world implications and difference in what each does and what risk it exposes to the end user.