Timewarp is used for moving subjects, while timelapse is for stationary scenes. Usually, timelapse photography is used to capture very slow movements to accelerate their progress in the videos, such as the sunrise or the growth of a plant.

TimeWarp is stabilized (to be used when the camera is moving) whereas Timelapse isn't stabilized (to be used when camera on tripod). Note that stabilisation crops a bit the FOV, so Timelapse FOV is a bit wider than TimeWarp FOV. And TimeWarp is slightly limited on acceleration factors compared to Timelapse.

Timelapse actually splits into timelapse photo (many photos recorded on sd) and timelapse video (frames combined into 1 video recorded on sd): the first is preferred when you want only to select 1/some frames as pictures, the second is better if you want to have a video.

So in conclusion:
TimeWarp for longer, moving videos (snowboarding, etc.)

TimeLapse for longer, stationary videos (sunrise,etc.)

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