I am working on Open edX, I have two administration LMS administration and Studio administration. I didn't find and Difference in both administration. I am little bit confuse about both administration.
There is a bit of difference in both of them, although as both share majority of the applications you'll find that they are listed in both of them, but there are certain apps that are only listed in studio's admin panel (course creators) , or there are apps that are only listed in LMS's admin panel(third_party_auth or any other custom app).
You can dig into the djangoapps folder of each and know the list of different apps.