Google structured data about companies versus "Google My Business"

From my point of view, there are two main possibilities on how to provide information about your company / organization to Google:

  1. Use structured data on your website as "Organization" and "
    Local business"

    1. Register your organization and your data in "Google My Business"

I see that there are strong overlays of this data. So I guess these are basically all the data for the Google Knowledge Graph.

So, what is the difference for me as the owner of a site and a business? Which method should be preferred? Or should I do both with data as similar as possible?
For basic information, that's fine, but should I keep details such as business hours in both directions, structured data and the Google My Business profile?

Thanks in advance for your ideas and experiences.