Dynamic Tag Management was primarily designed to help you place tags and code on your web pages. Launch provides that capability, but enhances it with even more features:
Collect any customer behavior based on select pages, or all pages
Easily deploy web apps
Browse, deploy, and activate the right marketing tool, such as a chat service, quickly and easily
Share data across your teams so the right people have access to the right data, ensuring delivery of better experiences
Launch provides a sophisticated but easy-to-use rule builder so you can customize extensions (or even create your own) and store your code in customized libraries. You can host your libraries yourself, or let Adobe do it for you.