There is significant functional overlap between the two, but they are not the same thing.
Collections are a set of related links that you deliberately intend to reference for some later purpose (for opening, copying, sharing, organizing, etc). Collections cover the same use cases as bookmarks but provide more features than, say, simple browser-based bookmarks. As such, a collection is created deliberately by you and is permanent.
History events mainly address recovery use cases. History allows you to recover from a crash, resume a session after restarting the browser, or time travel to a particular point in the past to access the exact state of open windows and tabs at that time. History events are created automatically and are ephemeral (eventually get removed).
Hans