I'm fairly new to this, so excuse me if this is a naive question. Using the standard VPX settings for each of these, is there a meaningful difference in the playback quality of MP4 export ( H.264, FullHD 1920x1080 29.97p) and burning to a Blu-ray disc when played back on the same monitor?
Using the default settings for both MP4 and Blu-Ray and depending on the video content, it would be difficult to discern a difference in the perceived quality of the image when played back on a TV or monitor.
The difference is in the default settings compression ratios, Blu-Ray uses the AVC which is a 'sub set' of the h.264 encoding standard and achieves a higher compression, slightly smaller file size, for the same perceived quality.