Different ways of making a speed boost?

Whats the difference between writing code like this -

local speedBoost = script.Parent

local function steppedOn(part)
	local parent = part.Parent
	if game.Players:GetPlayerFromCharacter(parent) then
		parent.Humanoid.WalkSpeed = 64
		
	end
end

speedBoost.Touched:connect(steppedOn)

or writing code like this -

script.Parent.Touched:connect(function(part)
    if not part.Parent then return end
 
    local h = part.Parent:FindFirstChild("Humanoid")
    if not h then return end
 
    h.WalkSpeed = 16 * 5
end)

I know the first style is function form, because it has 'Local Function' but is there a major difference? they both have the same exact output, increasing your speed by

Essentially, one is defining the function to connect to the event inside of the connection statement.. the other isn't.

Btw - connect is deprecated. Use Connect.

it is

SomeObject.SomeEvent:Connect(function()
	--code
end)

vs

function Predefined()
	--code
end

SomeObject.SomeEvent:Connect(Predefined)

They do the same thing - I guess the first is useful if you need to connect the function to multiple events, but personally I prefer the second for how concise it is :)

The only other difference is how the function determines if it was a player that touched or not, and how it sets the property.