After some pondering, and reading the rust documentation, I came to the conclusion that te difference is this: reserve() will grow the underlaying memory area to the next increment, or more than one increment, while reserve_exact() will only grow the underlaying memory area to the next increment, but no more than that.
Eg, if grow strategy is powers of two, and we are at pow(2), then reserve() may skip from pow(2) to pow(4), but reserve_exact() would be constrained to pow(3) as the next increment.
Or so i read the documentation. Hopefully someone can confirm?