Managed WordPress hosting
Managed WordPress solutions can vary considerably from one hosting provider to another, but one thing they all have in common is that the updates are taken care of by a third party. Purchasing a managed WordPress plan means you'll get WordPress core, security, and select software updates done for you. Since you don't have to do the updates manually, this can save you time and improve your website's security. However, if you choose this type of WordPress hosting, you'll be giving up control over your updates. It can also be slightly more expensive than non-managed or shared hosting.
That being said, managed WP is great for beginners and for people who'd rather not devote any time to doing what is essentially a rather routine task.
Unmanaged WordPress
If you go with a non-managed or standard WordPress hosting solution, you'll be solely responsible for updating your site yourself. This results in two main advantages:
You'll get more control over your site. Professionals and website designers tend to prefer shared (unmanaged) WordPress hosting for this very reason.
Unmanaged WordPress is typically less expensive than managed WordPress.