Presets are collections of items and values that are applied to artwork, and that can be saved, loaded, or replaced at any time. Brushes and keyboard shortcuts are two examples. Photoshop comes with presets, but you can also create your own.
Settings are actual values that are currently loaded in Photoshop. They control various elements and tools in the application, such as your current brush and all its values.
You can migrate your custom preset collections, as well as some Photoshop presets, from one version of Photoshop to another on the same computer. It is similar to how presets were migrated in Photoshop CS6. If you migrated presets in Photoshop CS6, some changes to the automated preset migration feature are listed below.
You can also move your user-defined presets to other computers using Export/Import Presets. Export/Import Presets is not restricted to Creative Cloud computers.
If you are using Photoshop CS6, use this TechNote. If you want more information about Sync Settings in Photoshop CC, see Help in Photoshop CC.
Note: Make sure that you use the same folder structure for when you move the actions to a new computer. Otherwise, it's possible that some actions don't function correctly.