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Mounted infantry did not fight on horseback but rather traveled by horse and dismounted to fight on foot. They had access to horses but did not develop coordinated horse-mounted combat tactics or armament.

Edit: Wikipedia has a good overview if you Google the term. My guess is that proper horse mounted combat requires far more intensive and consistent training that could typically only be undertaken by a noble or knightly class with no other real responsibilities. Whereas anyone with access to a horse could fulfill their (rarely exercised) martial duties as infantry.

Basically the same as between parachutists and pilots. They both use a plane to get to the battlefield, but only one of those stays in.

I think it might depend on the period, but mounted infantry uses horses for travel but fights on foot, while cavalry fights mounted.

In modern terms, mounted infantry typically are in Humvee-type vehicles, whereas cavalry are in things more like tanks.

IMO the attack helicopter is a better modern equivalent to cavalry than the tank. Hard to make a direct comparison since increased firepower and command-and-control have made military forces incredibly dispersed.