In broad strokes, I think I'd describe the two companies this way: Amazon innovates through optimization of new markets, while Apple innovates through creating new markets. This isn't a wholly fair description of either company, and as we know, there are exceptions in either direction. But that's the business model of the two companies at a 30,000-foot glance.
As you've hinted, probably the best way to differentiate the strategies of the two companies is on the risk/reward dimension. Amazon operates on a risk-minimization model, while Apple is risk-seeking in favor of outsized rewards. This is partially because Apple is still a hardware company (for now, at least), and it needs to keep reinventing its products to stay ahead of the commoditization of hardware.