Private Space is built-in secondary storage from Android 15. Samsung has Secure Folder long time ago, same like Xiaomi with their Second Storage. Secure Folder shortcut can be renamed as you wish, also you can change the icon of your Secure Folder.
I agree they are the same thing to save any your sensitive data, so let's say if someone able to unlock your phone lockscreen then they need to unlock secure folder with different security. Personally i use different password for my lockscreen and my secure folder, i don't use fingerprint on them
