What is the difference between setting up a personally owned device and company-owned device with a work profile?

After setting up a personally owned device with a work profile, Android Device Policy automatically applies policy settings to the work profile only. This allows for the same policy to be applied to both devices with work profiles and fully managed devices.  

After configuring a company-owned device with a work profile, Android Device Policy automatically applies most policy settings to the work profile only. While the personal profile protects user privacy, enterprises can impose specific restrictions and settings in the personal profile and across the entire device.