They look the same (9:16 vertical video), but the algorithms are totally different. TikTok is an 'Interest Graph'. It shows content to strangers based on what they like. This makes it amazing for 'Top of Funnel' discovery and viral reach. Instagram Reels is a 'Social Graph' (mostly). It prioritizes people you follow (though this is changing). Generally, TikTok is better for finding *new* customers cheaply, while Instagram Reels is better for Retargeting and capturing conversions from slightly older, more affluent demographics.
Yes, but remove the watermarks! Meta penalizes videos with the TikTok logo. We recommend editing the raw file and uploading natively to each platform.
Usually Instagram. But TikTok drives the 'Brand Awareness' that makes the Instagram Retargeting work. They are best used together.