At the geometry level, 3DS represents triangle meshes, objects, cameras and lights under older limits. OBJ represents polygon meshes, groups, object names, normals and UV coordinates. A flattened surface can be dependable when the receiver only needs final triangles, but it is a destructive handoff when someone still needs editable solids, object hierarchy, animation, vertex attributes or manufacturing metadata. Once those semantics are discarded, converting the file back does not reconstruct the original design intent.
A safer production workflow keeps the richest editable source as the master and creates a separate delivery copy for a named destination. After export, inspect units, bounding-box dimensions, up axis, normals, watertightness, object count and material references in the receiving application. The main 3DS caution is that it old object and vertex limits make it unsuitable for modern complex assets. The main OBJ caution is that it multi-file material packaging is fragile and it has no animation. These are workflow constraints, not minor technical trivia.
The practical verdict is to choose 3DS when the job centers on opening archived 3D Studio assets and simple legacy libraries, and choose OBJ when it centers on editable static assets moving between DCC, scanning and mesh tools. For 3D printing, the slicer's actual import is the final authority. Confirm millimeter dimensions, orientation and mesh integrity before generating toolpaths, even when the preview initially looks correct.