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Though the two responsibilities look similar and have similar functions, the data is different.
Manager responsibility is driven by the hiring manager field in the vacancy. Recruiter is similarly driven by the recruiter.
So, when you see the my vacancies region in manager responsibility, it's all the vacancies for which you are the manager and when you are accessing the recruiter responsibility, its the ones for which you are the recruiter.
This distinction applies to the dashboards also, if you see the dashboard for manager, it will have By Directs and By Recruiter. Recruiter responsibility will have By Directs and By Managers.
There are also some functions like offers workbench, updating offer letter template and assessment administration which are available to recruiter responsibility only though there is nothing to stop this being added to the manager responsibility (can't think why anyone would do that though)
hope this helps!