Mirror Symmetry vs "Flipping" in Group Theory

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This is an absolutely rudimentary question but I want to get clear from the off with my study of Group Theory.

If we have a rectangular object that can physically be picked up, but which we are using to represent a 2d rectangle, comparing picking it up and "flipping" it by 180° about its vertical or horizontal axis with applying "mirror symmetry" about those axes:

  1. Are these actions functionally equivalent?

  2. Is there ever a need to distinguish between them?