Active Noise Cancellation (ANC) is a feature that helps reduce ambient noise. This allows you to enjoy the audio without interference from the surrounding environment.
Transparency mode, on the other hand, is a feature that passes through the external sounds, making them more audible to you. This can be useful in situations where it is necessary to hear and be aware of the surrounding environment while still wearing the headset. For example, it allows you to have conversations without removing the headset or to be aware of important announcements or warnings.