What’s the difference between Coinbase and Coinbase Wallet?

I’ve been using the main Coinbase app for a while to buy and hold a few coins, and I just found out there’s also something called Coinbase Wallet. At first I thought it was just a separate UI, but apparently it’s a completely different product?

From what I’ve read, Coinbase Wallet is more of a self-custody wallet, meaning I control the private keys. That sounds great in theory, but I’m wondering do I need both? If I’m just buying BTC or ETH to hold long-term, is there any point in moving them to Coinbase Wallet? Or is it mainly for people using dapps, NFTs, and Web3 stuff?