Compiled vs Interpreted 🤔

Compiling generates processor instructions, such as instructions for, say x86 (intel) family processors. This is the CPU's native "language". The translation is performed ahead of time, so once compiled for x86 the product wouldn't run on, say, an iPhone.
Interpreting is a realtime translation where each instruction is translated at runtime. So the disadvantage, of course slower (same as you talking slower to a foreign language speaker via an... interpreter) and the advantage, more portable as any computer/platform with the interpreter (such as say, the Python interpreter) will be running your program. In some cases interpreted code can even be modified while your program is running.