the difference is that in the USA almost exclusively wood is used instead of the metal profiles common here as substructure for the cladding. And less insulation is packed into the drywall partition walls. Timber frame and panel construction are basically almost identical here and there.
... since even in the USA the genuine stud construction (Balloon Framing) is on the retreat in favor of platform framing (Platform Framing), yes. In Germany, timber frame construction only became significant after the Second World War, was rapidly industrialized, and immediately designed as story-high panels suitable for low-loader transport. It was common for a long time to insert "studs" made of squared timber into the panels; this has become “Americanized” in such a way that these would more accurately be called frames by cross-section. Metal profiles are not used for exterior and load-bearing interior walls, but for purely room-dividing interior walls. These are referred to as "lightweight walls." "Drywall" is rather the term for components like installation partitions and boxing-in of piping, and originally came up as a collective term for claddings and drywall boards as well as non-acoustic ceiling suspensions, all of which long ago ceased to be the responsibility of master craftsmen in construction and would also be considered "not refined enough" by plasterers.