I have a hosted feature layer in AGOL:

I can open the layer in the Visualizations tab, change something like the symbology, the pop-up field order, or the form configuration field order. Then Save As.
The new layer is shown in the Contents tab as a feature layer, not as a hosted feature layer.

Questions:
- What's the difference between a hosted feature layer and a feature layer?
- Does the feature layer point to the hosted feature layer?
- Does a feature layer not allow me to set privileges for it?
- Why would I use a feature layer instead of a view?