Is the iPhone reading lists any different from the favorites and bookmarks in safari?

I've been using it for quite some time and I don't know whether I'm reading offline or using the internet to read these articles

The Reading List option downloads the site in a way to be able to read it offline. You could check it yourself by disabling all forms of internet on your iPhone & access anything in it.

Favorites & Bookmarks are basically the same thing depending on what you are using to access the internet. Just different terms used. They (in the case of an iPhone) are not downloaded to read offline.

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