Live Share lets you share your project's code and its context. It means that your teammate can easily jump into your codebase and work with you, using their familiar tool. Your editor or other apps are not shared or viewable by your teammate, and you don’t have to change your workstyle or use a web-based app.
Live Share does not replace screen sharing where you may want to show a menu item or discuss visual aspects of your app or your editor. Instead, you have the option to use Live Share along with chat, voice, video, and screen sharing.