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They're very different grips meant to be used in different ways.
The AFG gives you better control of your weapon and lets you drive it on target faster, but it's a very uncomfortable way to hold your weapon (if used as intended*) with your non-shooting arm fully extended gripping the front of the gun and it's not really how you'd want to hold your weapon for extended periods.
A traditional vert grip, usually mounted closer to the center of the weapon rather than near the muzzle, gives you less control (but still more than no vert grip) but is generally much more comfortable and natural, and because your forearm is bent (and potentially resting your elbow against you body/vest) it's a lot less tiring and you can keep your weapon up much longer without killing your arm.
It's also possible to perform AFG-style grip using a traditional vert grip.
* I say "as intended" since on a short carbine you could mount it much more rearward (or in my case, on an AK-74SU where it takes up the entire rail) where it becomes more comfortable but doesn't work quite as effectively. In the case of the AK it prevents the grip from getting in the way of mag changes and helps preserve a relatively clean profile on a SBR like that.
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