There actually is a difference, as only when using a show-set rule, the behavior can be changed later in the document again.
#show figure.caption: set align(left)
...
#show figure.caption: set align(center)
Trying to do the same in the “long form” won’t work, as the inner-most show rule (i.e. the bottom one) is applied first. Therefore, if you have something like this
#show figure: it => {
set align(left)
it
}
#show figure: it => {
set align(center)
it
}
#figure(...)
you can imagine it to be evaluated first to this
#show figure: it => {
set align(left)
it
}
#{
set align(center)
figure(...)
}
and then to this
#{
set align(center)
set align(left)
figure(...)
}
The final alignment is now still left
, even though it should have been overridden to center
.