The end result is the same.
Both can be used for good and bad.
The term redirecting is usually used when the purpose is legitimate. Whereas the term cloaking is usually used when the purpose is not legitimate or is deceptive.
If you are trying to merely hide your affiliate link so that someone does not take you out of the commission loop then most people accept this. It is also useful when you want to make quick site wide changes. If you’ve got a generic ‘best deal of the day’ offer you just need to change one file.