Is there a functional difference between _ListSubscribers and _Subscribers with respect to STATUS?

Status of a subscriber on a list (ListSubscribers) is not the same as the overall status in All Subscribers (Subscribers).

Lists are sub-sets of All Subscribers for which SFMC maintains status. Lists are sendable. Publication Lists are not.

You can be unsubscribed from a List and still be active in All Subscribers.

All Subscribers represents every subscriber in the entire Enterprise 2.0 account, not just a single business unit. Business unit membership and subscriber status are maintained in a hidden data view. The _Subscribers data view does not accurately reflect business unit status or membership.