What's the difference between submitting a job using qiskit runtime, and just obtaining solutions without that?

Sorry if the question is unclear, what I mean is as follows.
If we're trying to solve problem X, lets say we solve it by converting it to Quadratic Program, then solving it using QAOA, VQE, MinimumEigenOptimizer, etc. This would just run on the quantum lab and give the solution. Is this running on quantum hardware/simulator?

Or we could create a quantum circuit, start qiskit-runtime-service, specifying the API token and backend if necessary and submit it as a job. What's the difference?