According to MS, the IoT edition is "missing" many "features" --- which in other words "doesn't have the crap you probably don't want if you only want an OS."
It is missing absolutely nothing useful. It also will receive security patches through 2031, unlike the normal LTSC distribution which gets 5 years of support. You have complete control over which updates, if any, are installed.
It is a big pain in the neck to get an LTSC or LTSC IoT license.
