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Hi! To your Question, Both are electrical heaters with 100% efficiency, but they have varying use and they differ in the way they produce heat. Induction heater, in general, are not used to heat water. Instead, a conventional heating element is a more viable option. In conventional Heater, the current is made to flow through the resistance wire by applying a potential difference while in induction heater, the current is made to flow with the tune of external exciting electromagnetic wave. if you are interested you can go to https://resources.mrheater.in/2019/09/how-induction-heater-works.html for a brief understanding on how an induction heater works.