Example - if you were to install an E cam dot to dot it should turn out that the intake valve is opening to .050" lift at exactly 0 degrees - top dead center. If you were to install a degree wheel and actually measure where it opened you might find that the dot to dot install was actually resulting in the intake valve opening as much as 4 to 6 degrees either before or after tdc. This is because of tolerance stacking in the manufacture of all the parts that impact this measurement - how the cam is ground, how the hole (cam pin) is placed in the cam, how the cam pin hole is placed in the cam gear, how the dot is placed on the the cam gear, how the slot is cut in the crank gear, how the slot is cut in the crank, how parallel the camshaft is to the crankshaft, etc. Very slight errors in each of these areas can allow a dot to dot install to be as much as 4 to 6 degrees off of where it's supposed to be. With an adjustable gearset, and a degree wheel and dial indicator, you can install the cam so that the intake valve is opening within 1 degree of when it's supposed to according to the cam card. That's what degreeing the cam is. And any aftermarket cam, or careful assembly of a stock cam, should be accomplished that way.
Cam timing determines when the valves open and close relative to crankshaft/piston position. Ignition timing determines when the spark plug fires relative to crank position/piston position. Two entirely different things.