For example, in Binance there is a Cross/Isolated margin;
If cross, your balance in your future wallet will be used all and possible to liquidate.
If isolated margin, only the amount you set when opening your trade will be liquidated.
And on Binance, you can only use USDT to deposit in USD-M.
On the other side, FTX Exchange which got a sub-accounts feature if you want to isolate your fund and you will transfer a fund to a particular sub-account if you only want specific funds to liquidate since FTX is using cross margin and the same leverage per sub-account
So they serve the same: Isolated collateral or sub-account because liquidation will be on the collateral you use for your trade.
In my opinion, sub-account is better because your capital will be in different accounts and it takes more time to move funds between main and sub accounts if you want to do something with margin calls.
My preference goes to FTX and sub-account because of better safety for my money. However, I don't like the UI of FTX.