In Drupal 7 there is clear separation between properties (node title, sticky, published, etc.) and field API fields (article image, etc). The same difference exists in Views, and properties have their own distinct handlers in Views in Drupal 7 with their own formatting options independent of field formatters.
In Drupal 8, properties are now base fields, and the difference between base fields (node title, sticky, published, etc.) and configurable fields (article image) basically vanished on the entity API level, but views was not entirely up to date so it still treated base fields like node title differently. You were not allowed to use the same formatters as for other fields, field access was not checked and translations were not loaded properly.
This is already fixed for string boolean, uri, numeric, standard and markup fields thanks to #2342045: Standard views base fields need to use same rendering as Field UI fields, for formatting, access checking, and translation consistency. More base field handlers are being migrated in subissues of #2393339: [META] Make sure Views base fields are using Field API for formatting, and do not lose functionality.
