What is the difference between a "pip wheel -e" and "pip install -e"?

Building a C-extension library to python, I noticed that building it with with wheel (and then install the *.whl) versus a direct install, gives very different results and build artifacts.

Building with: pip install -e .

• We get an entry for Editable project location in the pip list results
• The buildi atrifacts are few, but contains *.egg-info folder.

# pip install -e . --no-cache-dir
# pip list

Package            Version     Editable project location
------------------ ----------- -----------------------------------------------
black-scholes      0.0.1       C:path-tofbs

# tree -L 3
.
├── docs
├── examples
│   └── fbs_test.py
├── src
│   ├── black_scholes
│   │   ├── __init__.py
│   │   └── fbs.pyd
│   ├── black_scholes.egg-info
│   │   ├── PKG-INFO
│   │   ├── SOURCES.txt
│   │   ├── dependency_links.txt
│   │   └── top_level.txt
│   └── lib
│       ├── Makefile
│       └── fbs.c
├── .gitignore
├── LICENSE.md
├── README.md
├── pyproject.toml
└── setup.py

Building with: pip wheel -e .

However, when first building with wheel and then installing, we get a very different result.

• We get an entire build directory with lots of artifacts.
• Editable project location is empty

# pip wheel -e . --no-cache-dir
# pip install black_scholes-0.0.1-cp310-cp310-win_amd64.whl

# tree -L 6
.
├── build
│   ├── bdist.win-amd64
│   ├── lib.win-amd64-cpython-310
│   │   ├── black_scholes
│   │   │   ├── __init__.py
│   │   │   └── fbs.pyd
│   │   └── lib
│   │       └── fbs.c
│   └── temp.win-amd64-cpython-310
│       └── Release
│           └── src
│               └── lib
│                   ├── fbs.exp
│                   ├── fbs.lib
│                   └── fbs.obj
├── docs
├── examples
│   └── fbs_test.py
├── src
│   ├── black_scholes
│   │   └── __init__.py
│   ├── black_scholes.egg-info
│   │   ├── PKG-INFO
│   │   ├── SOURCES.txt
│   │   ├── dependency_links.txt
│   │   └── top_level.txt
│   └── lib
│       ├── Makefile
│       └── fbs.c
├── .gitignore
├── LICENSE.md
├── README.md
├── black_scholes-0.0.1-cp310-cp310-win_amd64.whl
├── pyproject.toml
└── setup.py

Q: What’s going on, and how is pip doing this differently?

(Is there a way to do the pip install, step-by-step?)

References:

• This SOA – But still not very clear as it just refers back to setuptools docs