Hello Yash,
Wwise-types are simply properties in which you can select an Event, Game Sync, SoundBank, and so on. The setting/triggering of that property will still need to be set up from code (components like AkEvent's are just also code, made more user-friendly). Animation Events are just a way to activate a function e.g. PlayFootstep() in code. You could also use another function like Start() to call that function, but it wouldn't necessarily be timed correctly with the player animation placing a foot on the ground. So to ensure that the animation and sound are in sync, you can insert "markers" in the animation timeline, and the animation will then call the function that posts the event.
In other words, Animation Events are points inserted in the animation timeline, which can be used to call other game functionality, like creating footstep dust particles, placing a footprint on the ground, or playing a footstep sound.
Hope this makes it more clear.