Yes they are very different in terms of colour and texture.
Vanilla pigment is a shimmery cream colour with pink/peach iridescence and is quite an intense colour, like all pigments but can be sheered down easily. It's great as a highlighter, for blush, for lips and eyes and it's one of the most versatile and gorgeous pigments around.
Vanilla e/s is more ordinary though. It's a pale cream/beige eyeshadow with little silver glitter. It's pretty subtle and makes a decent highlighter or base eyeshadow but it's not all that special and is frankly a dime a dozen, there are countless other eyeshadows that seem similar to it. In terms of texture it's not the best of eyeshadows and it doesn't show up that well, not like the VPs or Frosts.