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What are the use cases where one is preferred over other ?

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The Precision Time Protocol PTP is defined in IEEE 1588 (currently IEEE 1588-2019).

PTP allows for several degrees of freedom in an implementation. One of the implementation profiles is defined in IEEE 802.1AS(-2020) for the use with Audio-Video Bridging and Time-Sensitive Networking.

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PTP is an IEEE Standard which means it is simply a published document establishing specifications. It is up to vendors to implement the standard.

Per Wikipedia's List of PTP implementations

Precision Time Protocol (PTP) is a widely adopted protocol for delivery of precise time over a computer network. A complete PTP system includes PTP functionality in network equipment and hosts. PTP may be implemented in hardware, software or a combination of both.

Wikipedia's Precision Time Protocol page states:

IEEE 802.1AS is an adaptation of PTP for use with Audio Video Bridging and Time-Sensitive Networking.

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