Both produce a point cloud. How each one gets there — inferring geometry from photos vs. measuring distance directly — is exactly why they don't perform the same on the same surface.
Photogrammetry and LiDAR both end up producing the same kind of output — a 3D point cloud of real-world surfaces — which makes it tempting to treat them as interchangeable, differing mainly in equipment cost. They aren't interchangeable, because they get to that point cloud through fundamentally different physics. Photogrammetry infers 3D positions by triangulating matched features across many overlapping 2D photographs. LiDAR measures 3D positions directly, by timing how long a laser pulse takes to bounce off a surface and return. That difference in method is exactly what explains where each one is accurate, and where each one struggles — this is a capture-method comparison, distinct from what a point cloud becomes after capture (see the Point Cloud vs. BIM Model explainer for that next step).