Both provide ON/OFF control.
Physical differences:
The Ranco is an industrial controller which is inserted in a splash-proof gasket-sealed housing made from a thicker plastic material that can withstand debri falling on it. You essentially pay a bit more for the NEMA rating of the housing.
Component differences:
The Ranco output relay is rated for 15 Amps, which means about 1650 Watts (or something like that) at 115 VAC. So if you were controlling a 12-amp air conditioner for example, I would use the Ranco.
Control differences:
The Ranco has an adjustable hysteresis setting. This is the difference between the OFF setpoint and the ON setpoint. For example, to save on wear and tear if you are controlling that 12-amp air conditioner, the device would turn off at say 75 deg and not turn on until 80 deg. So the hysteresis is 5 deg. For a room heater you could have it turn off at 80 deg and back on at 75 deg. The hysteresis value on the Ranco can be set from 2 deg to whatever, like 20 deg or more.
Hysteresis is necessary for ON/OFF control of items like room heaters or air conditioners, but not for heat pads, heat tape, heat panels, etc. Applying power to heat pads, etc doesn't hurt them no matter if it cycles alot or not. It does stop the mechanical relay from "chattering" between ON and OFF. A proportional controller "chatters" so to speak, but it doesn't have a mechanical relay so no problem.
The $40 thermostat has about a 4 deg hysteresis built in.
I don't know about the MTBF (Mean Time Between Failures) of the devices. I have 2 Rancos that are over 10 yrs old still going. I have an old BAH-500 that is 4 yrs old and still going. I use the ON/OFF to turn off power when the room temp gets high, so they do not cycle much.
-----
Mark