The entry states, “Frozen custard is usually prepared fresh at the place of sale, rather than stored.” They both can be served by the scoop, or in soft-serve form. Wikipedia attributes it to a higher temperature than ice cream when served also, its production to a fast-freezing barrel that churns out the product more quickly than traditional ice cream makers.
Frozen custard, like its less-cold forebear, engages egg yolks in the emulsion, but so does rich ice creams. Ice cream versus frozen custard: the parameters are loose.