Device profiles are the superset. It allows a wide range of features and functions. Mobile device management uses a subset of what device profiles allow for, a

Device profiles are the superset. It allows a wide range of features and functions. Mobile device management uses a subset of what device profiles allow for, along with additional external tooling. They're similar, but the thread you linked to is about MDM, not device profiles in general. Deploying a device profile is akin to accepting a self signed certificate. When it's of your own generation, it's probably fine, if someone else has done it, you should question what's happening and whether or not it's right for you to accept it or not.