Are there any differences between foundation and BB cream apart from coverage?

After some consulting with my wallet and realizing those "special events" I was saving $40 and $50 foundations for either never came or were adequately addressed with a BB cream and concealer, and especially since my skin's improved, I've been heavily considering just making Missha Perfect Cover BB Cream my all purpose base. But I was wondering if there was anything I might be missing out on by doing this apart from coverage.

A couple of potential issues that I'm unsure about:

-Can I still get that "made-up" look by using powder over my BB cream? Or is that solely the territory of foundation (I like that texture for big events, I don't know why)

-Do BB creams still work with contours, both of the cream and powder variety? I've never gotten it to work, personally, so I'm wondering if it's just on me.

Any help or other potential things to consider would be much appreciated!