SEE: How Apple users can make the most of Microsoft 365 at work (TechRepublic Premium) Before we get to the real how-to, we'll discuss the differences briefly.
There's another group though, Microsoft 365 Groups, and they're about collaborating. You use both to send email to multiple people. A list is older technology but is essentially the same as a contact group in newer versions. Instead of entering all those email addresses manually, you enter only the name of the group or list. For instance, you might need a contract group or distribution list to send the same email to multiple recipients.