I can't answer for sure the question as to Styles/Layer Styles, but I think they are the same. I use PSE 7 and have loaded several styles. This lo of mine used Styles on the Alpha and Word art to recolor them to match the lo. The original Alpha was Metal/Pewter. (The letter L). The word art was your normal black word art and then applied the style to color it.
Just thought I would show you something that had a style used on it.