What is the difference between Unmanaged and Managed WordPress Hosting?

I am regularly asked what the difference is between Unmanaged WordPress Hosting and Managed WordPress Hosting. In fact, it often makes a considerable difference in price as well.
The difference is in the term 'Managed'. WordPress is a CMS(Content Management System) and therefore needs regular updates. Security is also required.
With Unmanaged WordPress Hosting, only the hosting/server part is covered. The hosting is then optimised for WordPress. In other words, the space where the website resides and runs is suitable and/or optimised for WordPress.
With Managed WordPress Hosting, the entire technical management of a WordPress website is taken out of your hands. By the way, Milcraft only offers Managed WordPress Hosting.
Especially with a shared server, it is important that everyone keeps the website up to date and secure. This is because a hacked website can have major consequences for other websites (belonging to other customers) on the server.
Below is an overview of both services:

*1
Milcraft offers a very sophisticated backup system. Your website is backed up on the following schedule: 14 days, then weekly for up to 3 months, then monthly for up to 6 months.
Other backup schedules such as hourly backups are possible by arrangement.
Our backups are stored in two locations, in secure data centres with 24/7 monitoring in Amsterdam and Delft.

*2
There are more companies that offer Managed WordPress Hosting. However, these are often automated systems that as soon as there is an update, they implement it immediately. If problems are then detected by the customer, they restore a backup.
We choose to do updates manually. We want to make sure that all plugins are compatible with the template and WordPress version. Security updates are also done by us by return of course.