opportunity zone vs 1031 exchange

From what I read opportunity zones are more flexible. For example, if you have 1M property with 600K loan and you want to replace it with thru 1031, you cannot just go for a 400K property ( which is your equity ). You must find another 1M worth property which forces you to get a new loan around 600K. And if you end up getting a 500K loan, they even charge the tax on the 100K difference!

Whereas in the opportunity zone, you do not have to.

you can just zoom into your equity and re-invest with it and thru the process, get rid of the banks once and for all — from your life.

This is my understanding —

My first question is … is this understanding true, to begin with?
My second question is are opportunity zone area property buying is profitable as 1031 exchange qualified buying… My goal is to buy new properties in cheaper states, and assign them to a property management company and enjoy the rent. Doing this is pretty easy with 1031 but as I said it does not let me get rid of banks from my life.