MicrosoftThe help text for each is different, so have a look at those. The Explorer and Edge settings also affect different registry values, with the Explorer one also offering an option beyond just Enabled/DIsabled.
The Edge one can be configured both through User and Computer config, and touches
HK[CU|LM]\Software\Policies\Microsoft\MicrosoftEdge\PhishingFilter!EnabledV9
However, I do not know off the top of my head whether that's legacy from the original Win10 Edge ("Spartan") or also works for the Chromium Edge ("Anaheim") that replaced it.
The Explorer one touches the EnableSmartScreen and ShellSmartScreenLevel values in HKLM\Software\Policies\Microsoft\Windows\System.
And for more fun, all those settings are echoed in these GP editor locations:
\Windows Components\File Explorer\
\Windows Components\Microsoft Edge\
