A: Hi,

Thank you for your question!

I actually have written such a similar question before, so I will write it again here.

Both plugin and theme are considered to be LMS. Here you will get only MasterStudy LMS plugin, not a theme.

MasteStudy LMS Theme gives you 15 unique demo layouts for a wide variety of schools.
With the theme, you will also get the plugins: WooCommerce, Paid Membership Pro (this is for creating subscription plans for your courses), Slider Revolution, WPBakery, Elementor, and BuddyPress. LMS side is the same as here in the plugin. MasterStudy LMS theme is listed in Envato Themeforest - https://stylemixthemes.com/masterstudy/

MasterStudy LMS Plugin (which is AppSumo deal here) is also compatible with the mentioned plugins, but you will need to download them separately. The disadvantage here you couldn't import the pre-built website with the ready widgets (no demo layouts).
On the other hand, with MasterStudy LMS plugin here you could use it on up to 5 Sites, while the theme gives you a license to only one site.
Additionally, you can use MasterStudy LMS plugin with nearly all side themes.
And of course, support policy, here you will get unlimited support. In Themeforest (Envato Marketplace, where we are selling the theme) you will need to renew the support policy when it expires.

Finally, the plugin will give you more options. You are not limited to using only one theme.

I hope it helps :)

Cheers,