Power Apps is a service for building and using custom business apps, connectors, and services that connect to your data and work across the web and mobile - without the time and expense of custom software development.
With power apps users can,
Another great benefit of of power apps is that it stores data in the underlying platform called Common Data service ( CDS). CDS is a storage space that enables a user to manage and securely store data that’s used by multiple applications or programs. So all your data can be brought together in one place where it can be used in Power BI, Flow and Power Apps together with additional data in Dynamics 365 apps( also uses CDS).

Power Apps &SharePoint

With the advent of modernization in SharePoint there has been a lot of changes on the way it is being used. Form customization tools like Infopath are going out of support and the power platform is on the way to replace it. Below are some of the ways to use Power apps with SharePoint.

Canvas Apps

Canvas apps are blank PowerPoint like designs where Users can connect to a variety of data sources and write custom logic using forms,views etc. There are various templates that are already available and users can also configure the data sources they require to customize on the form. Below are some of the pros and cons of using Canvas Apps.
Pros
Cons

SharePoint Form Customization

Power apps can be used to customize Sharepoint forms by using the option " customize form" directly from the list/library. These forms runs within the context of SharePoint and are not available in power apps app gallery.
Pros
Cons
Powerapps is being added with new features on a regular basis and we can expect a lot of new enhancements over AI, portals and connections over the coming days. Please let me know if you see any other differences in the comments section.
Happy Sharepointing!!!