There are several differences, the most significant of which is that any projects created in PD365 cannot be opened by PD19, although the opposite is possible. Basically, if you want to edit the same project on two different computers, they will both have to have the same major version of PD installed.
The other main difference is that PD19 has a lifetime license while PD365 is a subscription product. PD21 is the equivalent lifetime version, although Cyberlink is not providing the same amount of updates or new features as PD365 gets.
For your basic editing needs, either version would work.