Azure Storage Replication: It is specifically for Azure Storage (data stored on storage) E.g vhds), it copies your data so that it is protected from planned and unplanned events ranging from transient hardware failures, network or power outages, massive natural disasters, and so on. You can choose to replicate your data within the same data center, across zonal data centers within the same region, and even across regions.
Whereas Azure Site Recovery contributes to your business continuity and disaster recovery (BCDR) strategy, by orchestrating and automating replication of Azure VMs between regions, on-premises virtual machines and physical servers to Azure, and on-premises machines to a secondary datacenter.
What can Site Recovery protect?
Azure VMs: Site Recovery can replicate any workload running on a
supported Azure VM.
Hyper-V virtual machines: Site Recovery can protect any workload
running on a Hyper-V VM.
Physical servers: Site Recovery can protect physical servers running
Windows or Linux.
VMware virtual machines: Site Recovery can protect any workload
running in a VMware VM.
What workloads can I protect with Site Recovery?
You can use Site Recovery to protect most workloads running on a supported VM or physical server. Site Recovery provides support for application-aware replication, so that apps can be recovered to an intelligent state. It integrates with Microsoft applications such as SharePoint, Exchange, Dynamics, SQL Server and Active Directory, and works closely with leading vendors, including Oracle, SAP, IBM and Red Hat. Learn more about workload protection.
Reference: https://learn.microsoft.com/en-us/azure/site-recovery/site-recovery-faq