I would consider the terms to be interchangeable, at least in the way of documenting an on-going build. The build log sounds more polished and complete, possibly.
I’m onto my second Build Log here on the Finescale Modeler forum, with the view to documenting progress and process on a model from start to finish - I don’t necessarily want to gatekeep the definition, but simplistically I’d suggest the difference is that a WIP is a more isolated post, either as a topic on its own or a series of progessive contributions to What You Did on Your Work Bench Today.
I consider them to be quite different beasts. To me, a WIP is a point in time update on the status of a given project that might include pictures and a narrative on some of the challenges or steps taken to reach the current state. A build log on the other hand is a more detailed record of the build that might include notes on modifications to kit parts, aftermarket parts, details of scratchbuilding, paint mixtures and techniques and even the amount of time devoted to each. I do a bit of both, taking pictures at key points in a build but also keeping daily notes on each step of the build including assembly, painting and related details. I have a project log spreadsheet with a tab for every project underway or that has been completed. It allows me to go back and recall how I achieved a particular outcome or finish when I am trying to replicate a technique or outcome on another project. But it also feeds my modeling OCD too
I tend to do more WIP updates as I am working a model. I don’t go back and document my every move while model making. Unless I’m trying to do something unique, that is not in the instructions.
I don’t do a lot of build logs of my models. I’ll create a FB album for the models I build and then usually share that album to other FB model groups. As for regular website forums, I only post build log threads on one model website forum (Not this one) and that’s it. If I create too many build logs all over the place, then I might lose track of where I need to update those threads and so forth. Keep it simple. Less is better.
I think a Build Log would include all the steps and a WIP post would be more just where you are at some point in time - just my thoughts. I enjoy both as described.