In the background, there is a different algorithm to achieve the same goal.
The Imagga crop can be applied in two modes:
crop mode crops the image based on Imagga's smart algorithm.
scale mode is similar to Cloudinary's standard
fill mode and generates an image of the exact requested width and height dimensions, while only a certain portion of the original image is included in the derived image.
Cloudinary's content-aware cropping support additional configuration that is shown here.
It's also worth mentioning that the Imagga crop can be used as a 3rd party add-on which uses its own quotas, while Cloudinary's in-house solution isn't quota-limited and is included with all plans.
With Cloudinary it's quite simple to test both features with your actual images and see for yourself which of these solutions is the best fit for your specific use-case.