Essentially both have hash as an address and allows for execution of actions but are the actually the same thing?
No, they're different concepts: accounts are on-chain identifiers and smart contracts are on-chain software. You need an account to deploy or interact with a smart contract, but you can have an account that never published a smart contract and is only used to interact with the blockchain or other smart contracts. However, smart contracts must belong to an account, and they are are identified by the account name, so that's where you have some interaction between the concepts.
If you want to read more about this, I recommend the relevant official docs: