Initialize view struct with @StateObject parameter

May I inquire about the differences between the two ways of view under the hood in SwiftUI?

class MyViewModel: ObservableObject {
   @Published var state: Any

   init(state: Any) {
       self.state = state
   }
}

struct  MyView: View {
    @StateObject var viewModel: MyViewModel
    
    var body: some View {
       // ...
    } 
}

struct  CustomView: View {
    let navigationPath: NavigationPath
    @StateObject var viewModel: MyViewModel
    
    var body: some View {
        Button("Go to My View") {
            navigationPath.append(makeMyView())
        }
    } 
}

// Option 1: A viewModel is initialized outside view's initialization
func makeMyView(state: Any) -> some View {
    let viewModel = MyViewModel(state: state)
    MyView(viewModel: viewModel)
}

// Option 2: A viewModel is initialized inside view's initialization
func makeMyView(state: Any) -> some View {
    MyView(viewModel: MyViewModel(state: state))
}

For option 1, the view model will be initialized whenever custom view is re-rendered by changes whereas the view model is only initialized once when the view is re-rendered for option 2.

So what happens here?