Electronics are different. A toggle switch give you either or both PUPs. A toggle with a separate volume for each PUP, if wired like a Gibson guitar, has the two volume controls interacting so in the middle position turning down one volume control turns down the whole signal. A VVT wired like a Fender Jazz Bass lets you turn down one PUP without changing much of the other PUP's volume. But there's still interaction VBT, assuming you use a real blend pot is essentially the same as the two Jazz bass style volume controls on one shaft. At center both PUPs are on full. As you pan towards the neck PUP, it does nothing to the neck PUP volume but instead rolls the bridge PUP out of the circuit until it's full grounded and you only have signal from the neck PUP. The problem with that circuit is that when you add the master volume, you now have three volume controls and that additional loading can cause an audible loss of signal or tone (dependent on cable capacitance, the load the PUP sees, etc.) And with a VVT you can get say the neck PUP at 80% and the bridge at 55%, something you can't get with VBT.
Whether all that makes real sonic differences depends on the PUPs, what the bass is plugged in to (pedals, DIs, amps) and then how you're hearing it (in a band on stage, in ear monitors, through a computer interface, through pro studio gear, etc.).
Regarding the pinky on the control knob. Depending on one's hands, a Fender Telecaster or Strat can have the volume knob right where one's pinky can easily wrap around it. That way volume swells are real easy to do. If you rewire the guitar so the first knob is the tone control you can get sort of a wha sound with swelling the tone knob back and forth, but it really doesn't "quack" like a wha. The tone knob just shunts highs to ground so the tone gets less highs coming out, a wha is a filter that sweeps the frequency that's being boosted.