A couple of differences:
If you save authentication data in session state and overwrite the application pool, all your users will log out instantly. In contrast, forms authentication contains the necessary information in an encrypted format in forms authentication cookies and survives the reuse of the application pool.
Session IDs are a 120-bit random number. The only defense is chance. There is no protection against unauthorized access, and in fact, a hacker can continuously try your website with random session identifiers until it finds one that works. An intrusion detection mechanism for this kind of action does not exist, because it is not possible to distinguish a changed session identifier from an expired one.
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