In my head, both of them have their place. A product leader should have both in their leader toolkit and PMs should make use of both resources to speed up their development. With that said, mentoring, to me, is more about giving advice. If you're a manager, employees will generally see you as an expert in your domain. So, anytime they have a 1:1 with you, they're likely going to be coming seeking answers to their questions.
Coaching, on the other hand, is about exploration to gain more self-awareness and insight. Instead of offering advice to PMs, as a coach, I'll ask more open-ended questions like, 'Why is a certain situation or an issue challenging to you at this point?' Then, I'll let them think through how they would solve that problem themselves. There's a focus on cultivating a growth mindset around focus and identifying skills or areas of improvement that they want to hone in on.
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