Is rooting like jailbreaking?

Could you elaborate on the similarities and differences between rooting and jailbreaking? Are they essentially the same process, or do they serve different purposes? Do they both involve gaining access to the underlying system of a device, or are there key distinctions in their methodology? Is one primarily associated with Android devices, while the other is more common on iOS? Additionally, are there any potential risks or consequences associated with either process that users should be aware of?