They are similar, but not exactly the same thing.
Networking uses a router or switch to connect the computers wirelessly or via ethernet cables or both. In the case of Windows the workgroup name allows computers of the same group to access public folders on the other computer.
A transfer cable, often usb, will have a bulge in the middle which effectively acts as a router. These cables will usually come with software to allow the 2 way traffic of transferring files.
If you have internet to both of these computers or a home network it would probably be the easier route, but transfer cables are handy when this is not an option.
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