THE SHORT ANSWER
Cold brew extracts coffee in cool water over a long steep. Iced coffee usually starts with hot brewing and is then cooled or brewed directly onto ice. They are different recipes, not different coffee species.
What changes in the glass
Hot brewing and cool steeping draw flavours differently. Cold brew often tastes rounded; a hot-brewed iced coffee can keep a lively, aromatic character. Those are tendencies rather than guarantees. Origin, roast, concentration and dilution can reverse your expectations.
Watch the melting ice
A drink can begin beautifully and become a puddle halfway through the walk. Use chilled coffee, plenty of ice and a recipe that accounts for the water the ice contributes. Stronger is not always better: an undiluted concentrate can overwhelm the flavour you wanted.
Try a two-glass tasting
Make a small hot-brewed batch and a small cold-steeped batch with the same beans. Cool both, dilute to a similar drinking strength and taste without milk first. Pick the one you want to carry out the door. There is no need to turn your sunny afternoon into a brewing-method loyalty test.
Change one thing, taste, and keep a short note. A recipe becomes useful when you can repeat the cup you enjoy.
Try it for yourself
Sources & further reading
Source links support the factual context. Our home recipes and tasting suggestions are identified as starting points.