With iTunes Match you can upgrade your library to higher quality, non-DRM'd versions, that you can keep even after you cancel your Apple Music subscription. I don't think you can do this with a regular Apple Music subscription.
The difference is, if I remember right, I looked into it years ago is this. If I have Match and download the tracks you uploaded or matched they will download without DRM. If you download anything with Apple Music you get DRM, whether it was matched or not. Can't remember what happens with unique stuff you uploaded.
The clearest answer is: “If you cancel Apple Music, any matched, uploaded, and purchased tracks you've downloaded will remain on their various devices and fully playable, but you'll lose your ability to stream any non-downloaded matched or uploaded tracks and access iCloud Music Library.”
“In short: All non-Apple Music tracks you own are matching to the iTunes Store catalog, with audio fingerprinting for better results, and they will show up as Matched or Uploaded on your auxiliary devices. DRM matching is gone: The only tracks encumbered by DRM from here on out will be those downloaded from Apple Music directly.”
and:
From Jim Dalrymple at The Loop:
This is, in fact, the same version of iTunes Match that iTunes users could pay for as a separate subscription since Apple began offering it years ago. I am one of those users. However, all subscribers to Apple Music will get the new version of iTunes Match at no extra cost.
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