They're closely related.
> And since most money is privately created, controlling how much money is and isn't created "out of thin air" is actually quite challenging.
It's the central bank which controls the interest rates, the reserve requirement and other stuff which affects it.
But not the same. In this case, the difference is material.
> It's the central bank which controls the interest rates, the reserve requirement and other stuff which affects it
Affects. But does not control. That's what makes it challenging.
To my memory, a soft landing from 5+ percent inflation has been achieved precisely once in modern monetary history. (And not for lack of trying.)