The largest difference is everyone who joins would be editing the code like it's a Google Doc instead of having a read-only view of the host's screen; you still end up having to join some kind of voice chat (unless maybe there's an IDE VOIP integration I don't know about in some of these tools!). I haven't used this specifically, so I can't say how well it pulls it off.
However, from the few times I've used VS Live Share, it has been helpful being able to join into someone's coding session and pair with their code directly. Both of us being able to highlight and tweak lines as we're talking did wonders to remove the "add x, no, sorry, not there, the next line/parameter/<item I referenced too vaguely>" or "show me y, now z, wait, go back to y" song and dance routines.
It's not necessarily a game changer for the way every person or team works, but as someone who has an easier time forming a mental model of everything happening when I'm "in" the code, there have been times I think it's saved a lot of back-and-forth compared to a traditional screen share.