Both are built from your data. Here's how they differ in what they tell you.
Sleep Factors show which metrics are most associated with each sleep outcomes like: sleep quality, dream intensity, sleep interruptions, and sleep efficiency. If environmental audio level consistently shows up as a strong factor for sleep quality, it means the two tend to move together in your data. It's a signal worth paying attention to, not a guarantee.
Sleep Insights take that one step further. Instead of just showing association, an insight models a specific scenario: based on your patterns. If this metric shifted in a certain direction, your sleep outcome would likely shift too. It's designed to surface relationships that look more actionable and closer to "here's a lever and what tends to happen when you pull it" than "here's something that correlates."
The difference is in how far the analysis goes: factors show the association, insights model the likely effect.