An embedded chart will show on your sheet. You will still be able to see other cells and figures in the sheet. A char sheet is a separate tab in the sheets tabs and only has the chart on it. When creating a chart you are given to option of which to do. The look of the chart itself won't be different, as it is still based on the same data.
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There are many advantages. It can be quicker to see the chart as changes happen in the data. It can make the chart simpler to understand if the data is near it and visible. It means that there are less sheets in your workbook. You have more flexibility to move a chart or resize it or make other changes to it when it is embedded. You can delete a chart quickly if it is embedded, as often an embedded chart is being made only temporarily. You can have more than one embedded chart on a sheet, so it is easier to compare charts or see charts that are in some way related through the same data.