Does your TV support HDMI 2.1? If not, then probably no difference.
The Thunderbolt 3 to HDMI option gives you a choice of HDMI adapters, while the HDMI adapter built into the HDMI 2.0 port can never be changed.
There have been various DisplayPort to HDMI adapters created over the years. Club-3d has a few variants (DisplayPort/Mini DisplayPort/USB-C, cable/adapter):
- HDMI 2.0 UHD (CAC-1070, CAC-1073, CAC-1170, CAC-1173, CAC-1504, CAC-2070, CAC-2170) (requires DisplayPort 1.2)
- HDMI 2.0B HDR (CAC-1080, CAC-1082, CAC-1180, CAC-1182, CAC-2504) (requires DisplayPort 1.4)
- HDMI 2.1 4K 120Hz (CAC-1085) (requires DisplayPort 1.4 with DSC)