In the sense of using time, yes both are about setting time. Basically what you are saying here is the same as playing football and playing basketball are both a sports game. But the rules and the way of playing them are different. The same applies here.
Time events are used for tasks that need to occur regularly, updating the game world, checking for collisions, or triggering events on a timed basis.
Delays are often used for tasks like creating timed animations, controlling the timing of game events, or creating delays between actions in a program. The delay you specify may not be accurate to the elapsed time.
That’s the obvious difference between using ‘sleep’ or ‘setTimeout’ in programming (delays) can cause your code to be unresponsive for a certain time, unlike time events.