What is the difference between Control Track and Timecode?

Answer 1

Basically, the time code will contain the, well, "time code" for that section of footage (hours, minutes, seconds, frames), whereas the control track is simply a pulse that indicates the timing of the video information.

Think of it this way--"time code" is someone counting off "1, 2, 3, 4..." while the control track is a metronome simply going "tick, tock, tick, tock..."