They're two different commands, so cannot really be compared. Paste Sprite requires a sprite to already exist before you can use it, and literally just creates an 'impression' of that sprite at the given coordinates on the screen. So say you wanted to do some kind of static multiple explosion - you could have one sprite for this, then paste it all over the place, then scale it, then paste it again, etc., rather than using up lots of sprites for the same end result. It's sort of like an instance object, although not quite as permanent.
"Bite my shiny metal ass" (Futurama)
"Don't ping my cheese with your bandwidth" (Dilbert)