Difference between a Simulink library and a model reference

What is the difference between a Simulink library and a model reference?

So far, I found 2 difference betweem them. is it right?

Reference

1.With model reference, you can also select acceleration methods

(it basically compiles the model)

=> performance improvement

2.Model references allow partial builds when using the coder product.

=> performance improvement

Library

-

Is there more difference about two except these?

Thank you

[Jaeha Lee]

For Clarification, I used Libary for one function(like battery monitoring module) in a one project same as model reference.