One is a drill the other is a wrench. The drill reciprocates with the impacts in the direction that the drill is penetrating, normally perpendicular to a surface. The action of the wrench is through 360 degrees parallel to the plane that the bolt or stud penetrates.

Similarities are that they both use pulsed impacts to do work that would otherwise require major loads to be applied. The human body while feeling some vibration does not experience the large loads that would otherwise be required.

Another similarity is that perhaps the most prevalent use of impact drills today is in driving fasteners into material like wood (unlike original main use which was drilling stone or concrete), which is a process not entirely unlike the one used to fasten bolts and nuts with an impact wrench, though the actual mode is still vertical reciprocations that seem to enlarge the cavity the screw occupies making entry easier, rather than the impact mode used with a wrench.