They are constantly confused, and they are two very different plans. One can be done by anyone in a morning; the other is a demanding mountain activity that must be prepared.
Just the village
Free, no booking, no cost. A walk through a lived-in mountain hamlet with viewpoints and good views of the gorge from above. A quiet half day, comfortable for almost any age or fitness. The only complication is the road and the parking.
Walking the gorge
Something else entirely: compulsory booking, a daily cap, mountain footwear checked at the control and a sea exit by boat, which is compulsory. About 5 km and four hours of high difficulty. It is not a stroll: it demands real fitness.
Which one is for you
Young children or older visitors
The village. The gorge does not admit under-8s and is demanding.
You want a quiet morning with views
The village and its viewpoints are enough to take home the image of Masca.
You want serious hiking and you are prepared
The gorge, with the booking done, the right footwear and the return boat arranged.
If you choose the gorge, prepare it well: there is booking, a cap and requirements that are checked.