Tournament mode disables random things about a game, where as competition install changes crucial settings based on what the programmer deems makes it good for high level competition. Examples are, walking dead tournament mode simply makes things like walker progression non random where as competition install makes it so multi kills are way harder and modes can’t be started in multiball.
Iron Maiden tournament makes starting mode same, but competition install disables super skill shots. Etc
I personally dislike competition installs in general because they mess with crucial things that people who play the game on location wont know, and id rather just have everyone play the game everyone knows and is used to.