The differences are they are actually meant to be used for exceptional situations ("assert violated => there's a bug in this program" or "out of memory, catastrophic runtime situation") and they are not typed (rather, the panic holds a type erased payload).
Other than that, it performs unwinding without UB, and is catchable[0]. I'm not seeing the technical difference?
[0]: https://doc.rust-lang.org/std/panic/fn.catch_unwind.html
Nevertheless a long living application like, e.g., a webserver will catch panics coming from its subtasks (e.g., its request handlers) via catch_unwind