What is the difference between latex and resin

What is the practical difference between "latex" and "acrylic" water-based paint?

You have almost answered your own question regarding practicality. Acrylic paints are more durable, resilient, and more expensive paints. They are diluted with water, cleaned with water, just like latex (like in the house paint sold by the gallon at Home Depot or Lowes) but as others mentioned, latex paints are mixed with vinyls, making them more porous and less permanent.

Many commercial paints have durability and performance ratings compared to other latex-based paints, but never compare their products to acrylic or oil-based paints. The main difference is the result of the different colors applied. Oil has the most durable surface, is the most resistant and at the same time the least flexible. Next comes acrylic, then latex.

You may have noticed price differences between the various bases for latex, especially between those used for base flat and glossy bases. High gloss contains more polymers, more acrylic and simply has more "in" which makes it a high gloss. Adding durability costs money and usually reflects the things a company needs to put into paint to improve quality. There are more ways to add "durability" today than just increasing the amount of acrylic in the mix.