Downloadable Products have downloadable counterpart. There are multiple products as Software,eBooks, E-Learning, Fonts, Courses, Graphics & digital art, Video Game, MP3, MP4, Tickets etc. Downloadable product does not allow selecting a shipping method at checkout, simply because shipping is not needed and client receives purchased entity right away.
Virtual Products do not have physical or digital Entries(Component). There are multiple products as non-tangible items such as memberships, services, warranties, or subscriptions and digital downloads of books, music, videos, OTT (Netflix, Amazon Prime Video) etc.. These products cannot be shipped or downloaded from the link. This is a great way to sell services or intellectual products such as warranties, subscription or updates.