Saving Photoshop multilayer file to PDF without layers size difference

Why is it that when I save a file that has many, many layers to a PDF without layers as a copy that the file size is larger than flattening the layers and then saving the file as a copy to PDF? 19Mb vs. 5Mb?? Wouldn’t saving a file without layers be the same as flattening the layers and then saving the file?? Can anyone explain this?