Yes, there is a difference between paraphrasing and summarizing. When you paraphrase you say or write what the person is saying in your own words. When you summarize you are stating or writing only the main points of something.
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There is a slight difference. Paraphrasing is to restate something in different words. However, the different words should communicate the same information. Summarizing is to present the key details of a much longer set of information, so the information after summarization should be simpler and lack certain elements.
Paraphrasing involves restating a text in your own words while maintaining the original meaning. Summarizing, on the other hand, involves capturing the main points of a text in a concise manner. While both involve rephrasing content, the level of detail and length varies.