Can someone explain SSL/TLS inspection rules vs. Web Exceptions?

Explain like I'm 5 (maybe a 5 year old is smarter at this point, who knows)...

We have SSL/TLS inspection rules under "Rules and policies."  One of these rules is the built in "Exclusions by Website, which references both a Local and Managed TLS exclusion list.  Makes sense.

Then we have Exceptions under "Web," where we can also exempt URLs from HTTPs Decryption.

How do these two work together?  If I have a Web Exception for www.google.com, and www.google.com is also in the Local TLS exclusion list, is that essentially the same thing?

Thanks,

Casey