Hello EAP,
I thought someone else would answer so I’ll give you the quick version.
They’re not the same, NLive is a recorder/playback device with limited functionality, PT11 is a daw.
NLive has as many record tracks as you have audio inputs, PT11 native is limited to 32 simultaneous unique record tracks.
NLive is much easier to use and faster to get running for live recordings.
NLive does not chase TC, it timestamps the files to incoming TC. For some this is equivalent, for other applications it is not.
PT is more fragile and has higher system requirements to be stable.
NLive does not timestamp the files accurately, see other posts. For some it’s close enough.
NLive drops samples on long record times, for some that’s ok for others it’s not.
Be sure to look at the somewhat skimpy NLive manual, you’ll get the idea of what it’s for.
Hugh