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From my experience, either works. Jason Sandys said that the Settings Catalog (Configuration Profiles) is a good place to start generally, but we configured through Account Protection under Endpoint Security. There doesn't seem to be any downside to doing it either way.
RogerS-Microsoft
Microsoft
MicrosoftAgree with Charlie's sentiments - either will work.
However, in this case for LAPS there is a specific template that's been 'pre-configured' with the relevant settings for just this scenario. While you're not forced to use it, the intent is to make things simpler for you by grouping those common settings into a profile/template so you don't have to do that legwork yourself elsewhere (eg) settings catalog. Same goes for other available templates (eg) BitLocker - they are intended to group relevant settings together and simply the admin experience for you. But, if you prefer to 'self service' using settings catalog - you should expect it to work out at the same end result.