Change Shortcut vs Change Action

When I go to configure widgets or menu items, there are two options: second from the top says “Change Shortcut”; second from the bottom says “Change Action”

Both seem identical to me, other than ability to manually type out the shortcut in the latter one. But if that’s the only change, then why does “Change Shortcut” exist? The “Change Action” seems to be a full superset of the other.

Thanks