Hi,
In general, there is no difference between them. Initially activity logs were only available at subscription scope so the activity logs were for resources at that scope and below. Later management groups were introduced and the activity logs for management groups. The activity logs for management groups apply only for resources at the management group scope selected. At Azure we also have one higher scope which is the Tenant scope. The resources which you can manage at that scope are limited but still you have activities that are logged for that scope. As in Azure Monitor blade you there is no way to select tenant scope they have introduced a drop down where you can select directory activity. When you select it you will notice that you no longer have option to filter on subscriptions or management groups. Basically, directory activities (tenant), the activity logs for management groups and the activity logs for subscriptions combined represent all activities happing at your Azure tenant on all levels. Scopes are probably most visible as concept in Azure template documentation.
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