# introducing lag variables versus using RNNs in time series prediction

Just wondering, is there a fundamental difference between introducing lagged IVs during data preparation and then using standard statistical/machine learning models versus the uses of RNNs such as LSTM (ignoring the fact that you can add more layers to ANNs)? Does the use of lagged IVs not give the standard models the same capability (i.e. introducing memory of the past)? Thanks.