Is there any difference between the @isTest and @testSetup notation in Salesforce test class?

Method marked with @TestSetUp annotation executes before any testMethod.
Data created in this method doesn’t need to be created again and again, and it is by default available for all test methods.
There can be only one setup method per test class.
Test setup methods are supported only with the default data isolation mode for a test class. If the test class or a test method has access to organization data by using the @isTest(SeeAllData=true)annotation, test setup methods aren’t supported in this class