Meat contains essential fats to various degrees while protein powder does not at all. Usually, protein powder ([1] as an example) is not exactly matched to the human profile of amino acids [2], that means extraneous amino acids will be converted to glucose and stored as fat.
[1] https://explosivewhey.com/blogs/fitness-nutrition/what-is-wh...
[2] https://pmc.ncbi.nlm.nih.gov/articles/PMC11291443/
Notice that ratio between leucine and methionine is 3/1 in consumption profile and is much higher in the whey protein profile. This leucine most probably will be wasted.