On my 5yr old ASUS laptop... Sleep means that the CPU is running at v low power, HDD is stopped, data is held in RAM and display is switched off. Press the start button or right click the mouse and it comes awake in a couple of seconds and you can continue where you left off. a.k.a "cat nap"
Hibernate is "deep sleep" ...stuff in RAM is written to the HDD which then shuts down along with the CPU and the display. Need to press start button...HDD and CPU fire up along with the display,,,takes a bit longer to write data back into RAM and then you continue.
In both cases the machine "resumes" rather than boots up from scratch...
other PCs prob. variations on same theme...
hope this helps

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