Yes, how the memory is allocated is an important part of the difference, but another big one is how they are traditionally accessed.
An array can be accessed by index, but a linked list is traditionally accessed by inching through, node by node, like working your way around rosary beads (if it was a line instead of a circle.) Traditionally with a linked list, you don’t jump to an index.
And as people have pointed out, arrays in JS can dynamically allocate memory so a linked list becomes a little redundant. If you really need a linked list, you can just use an array and use it like a linked list. You can get all the functionality without having to code a new data structure.
That being said, I think there is some value in learning these different data structures: linked lists, queues, stacks, trees, etc. Even if you don’t use them or could use some library to implement them if you needed them, you learn a lot about data structures and algorithms as you do it. You could do it in any language, but if JS is your language, you could certainly do it there - even if it isn’t really needed.