IPA is a solvent, it dissolves grease (and water, and anything else) into itself, so you can wipe it away.
Degreaser is a surfactant, so it allows the grease/oil to form microscopic globules in the water, which you then wash or wipe away. It’s essentially concentrated soap.
Both will do the same job, but degreaser works better at stripping large amounts of gunk off drivechains as the degreaser and oil form an emulsion, which you can then wash away. If you put IPA in a chain cleaner you’d just be diluting the oil and it still wouldn’t wash off. IPA works best for removing small amounts of gunk, or where you don’t want to leave a trace of soap/water afterwards for example cleaning calipers and levers after bleeding brakes, or sloshing around in suspension forks to remove the last traces of the old oil and any dirt.
The third option (not advised for bike cleaning!) would be sodium hydroxide (caustic soda, drain unblocker) which reacts with grease/oil/fat to form soap, so it not only dissolves it, but it turns it into something that washes more of it away! Usually only used in parts washers though, it’ll strip oil, grease, anodising, paint, aluminium, flesh.