Differences between these two throttle implementations

Approach one:

function throttle(func, timeMs) {
  let lastTime = 0;
  return function() {
      const now = new Date();
      if (now - lastTime >= timeMs) {
          func();
          lastTime = now;
      }
  };
}

Approach two:

function throttle(func, timeMs) {
    let waiting = false;
    return function() {
        if (!waiting) {
            func();
            waiting = true;
            setTimeout(() => {
                waiting = false;
            }, timeMs);
        }
    }
}

One uses the timestamp to keep track of the call while the other uses timeout. Is one better than the other?