Energy and momentum are fundamentally different, with momentum being a vector and energy a scalar. In elastic collisions, both energy and momentum are conserved, while inelastic collisions conserve only momentum, with energy often lost as heat or radiation. The discussion highlights that while momentum conservation stems from spatial translation invariance, energy conservation arises from temporal translation invariance. At the atomic level, not all energy is kinetic, and potential energy remains significant. Thus, while there are connections between the two conservation laws, they do not convey the same principles universally.