What is the difference between custom label and custom setting in Salesforce?

Custom Label: It is a custom text value that can be translated into any language that Salesforce supports. if you want to access the custom labels in aura components, you can use a $Label global value provider. It enables developers to create multilingual applications by automatically presenting information in a user's native language.
Custom Setting: It is stored in the application cache, which enables efficient access without the cost of multiple repeated queries to the database. So we can avoid governor limits by using this. It allows us to store a set of data and access it without querying it from the apex.
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