It's primarily size in that you get wider coverage, more 'fill' and thus a softer lighter at the same distance. That said, the 88 is much smaller when open for smaller spaces and can get a more focused/fresnel look.
The Mola aanlogy is pretty close.
One big difference is the easy with which you can get the 24 lights ring-light effect when fully defocused. with little to no light emitting from the center.
The larger the para, the easier it gets. We use ours with alu 6" baby pin extensions on the rod to allow us to get the paras as defocused as we need want.
We often use a Godox R1200 ring light with metal/glass shield removed and replaced with a DIY (UV-coated) plexi clear safety shield to mimic the Bron Ring Light P, but...
...when using Profoto (exposed bulb) lamps, etc, the smaller para can be tweaked by blocking off the center of the rearward facing lamp to limit direct light to just the sides of the para.
We use some carbon fiber discs we had kicking-around attached to inside of the Bowens/Profoto light mounts to block any direct light from the center of the lamp going rearward. Any opaque disc as large or slightly larger than the size of the lamp dome works.
