They are similar.
The idea is that if the bios update fails(for various reasons), the board will look on a flash drive(or C/DVD for Asus crashfree) for a bios file and flash it automatically.
I have never had to use these features(thankfully), but in general most board makers have something similar.
It is a cheaper option than the dual bios chips some boards use. In those cases a failure results in the board using the second bios chip to recover the first. This was and may still be common on Gigabyte boards.