Hi sectest_wursts,
Great question!
Artifacts Live Update will allow users to manage the Artifacts live update settings for your product from the Product dashboard.
Artifacts and Binaries will allow users to manage artifacts and binaries associated with your product, from the Product dashboard and the Artifacts and Binaries tab.
Basically, it allows users to manage artifacts from different parts of the Dev Portal, depending on the role you select. You can find more information on this in this article.
Let me know if you have further questions on this!