Membranes versus coatings
A membrane is a continuous waterproofing layer — a bonded sheet (torch-on, self-adhesive) or a reinforced liquid built up with a fabric to a real thickness. It is the waterproofing itself. A coating is a thinner applied film, often acrylic, that is usually a reflective, UV-stable protective or top layer rather than a stand-alone waterproofing system.
The common and expensive mistake is treating a coating as a cure for an active leak. A plain acrylic roof paint over a failing flat roof looks good briefly, then blisters as trapped moisture pushes through. On a surface with real water ingress, you need a membrane system; a coating has its place as protection and detailing, not as the whole solution.