Both cool sculpting and liposuction address unwanted fat in appropriately selected patients. A patient who has localized fat or stubborn fat with good overlying skin tone would be a candidate for both. Liposuction is an operative procedure that will get you to your desired contour change with one procedure (which is appealing to some). It will require about 2 weeks until you can start resuming your work out pattern on a gradual basis. You may have to take off a day or two from work depending on how much is done.
Depending on how much fat you have, cool sculpting will likely take 2-4 treatments (possibly more to achieve your results). It is a slower process and more difficult to get to your endpoint. That being said, it does not require any downtime which is appealing to some.