The symmetric_difference() method returns a set containing all items from both sets excluding those that are present in both. The symmetric_difference_update() method removes the items that exist in both sets and inserts the items that are not present in both sets. Usage:

colors = {"red", "yellow", "orange"}
fruits = {"apple", "banana", "orange"}

diff1 = colors.difference(fruits)
print(diff)
colors.difference_update(fruits)
print(colors)

The first print statement outputs {'red', 'yellow', 'apple', 'banana'} as both sets contain the element 'orange'.

The second print statement outputs {'red', 'yellow', 'apple', 'banana'} as well, but symmetric_difference_update() changes the contents of the colors set by removing 'orange' and adding 'apple' and 'banana'.