Feb 02 2020 01:43 PM - edited Feb 02 2020 01:46 PM
You are correct,
There is a difference between the functionality available via some Office 365 plans that include the Cloud App Security discovery feature and the full version included in EMS E5 and other plans.
Azure AD Plan 2 alone does not include MCAS license (unless if your have added EMS E5).
The full version includes the policy templates, Azure and Windows Defender ATP integration, information protection and lots more.