[sql] What is the difference between LATERAL and a subquery in PostgreSQL?

One thing no one has pointed out is that you can use LATERAL queries to apply a user-defined function on every selected row.

For instance:

CREATE OR REPLACE FUNCTION delete_company(companyId varchar(255))
RETURNS void AS $$
    BEGIN
        DELETE FROM company_settings WHERE "company_id"=company_id;
        DELETE FROM users WHERE "company_id"=companyId;
        DELETE FROM companies WHERE id=companyId;
    END; 
$$ LANGUAGE plpgsql;

SELECT * FROM (
    SELECT id, name, created_at FROM companies WHERE created_at < '2018-01-01'
) c, LATERAL delete_company(c.id);

That's the only way I know how to do this sort of thing in PostgreSQL.

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What is the difference between LATERAL and a subquery in PostgreSQL?