They are functionally the same. If you install the spacer, the fork cannot extend the last 10mm. The negative chamber acts as the negative spring which gives you a soft topout instead of a metal on metal topout whack. The negative pressure is a spring pushing back against the positive spring. The stronger (higher pressure) the negative, the more it compresses the positive (and also forces the fork into a compressed state).
If you reduce the travel via the spacer, you need to increase the negative pressure so that the fork does not slam up into the spacer at topout. If you installed two spacers, you would need to add even more negative pressure, etc. If the spacer now magically vanished but you still had that increased negative pressure, the fork would still stop around the same place because the negative pressure is inhibiting extension.
The spacer is useful if you want some level of topout whack at 130mm extension.
Think of the fork as a tube with a sliding piston in it. As you increase the pressure on one side of the piston it slides the other way until the two sides equilibrate in pressure. You cannot really raise the negative pressure much above the positive, because the fork will just compress (you will see the negative pressure going higher than what you set the positive at, but what you don't realize is that the positive pressure is now also increasing as the fork compresses). You can, however, raise the positive pressure above the negative, but as soon as you do, the fork will top out.