What is the difference between the Replace Color feature and an adjustment layer?

What will be an ideal response?

When you make an adjustment-like Levels, for example-the adjustment appears as a layer on the Layers panel. You can hide it or show it, and you can use its default layer mask to mask the adjustment. You can readjust the adjustment at any time, and you can even delete it. You can't do any of that with Replace Color. When you alter artwork on a layer with Replace Color, after you click OK, that alteration is applied directly to the layer. That's it-other than using the Undo command, the alteration is permanent.