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Kodi 21.0 "Omega" - Release
(kodi.tv)
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How does Kodi compare to Plex? Are there any features it has similar or different?
Kodi doesn't have a server feature like plex does where you can serve media to other devices. A more direct alternative would be jellyfin, which even works well with kodi as the media player.
What does Kodi do, then, if you can't host your media on it?
It's a media center, you can play your local files or you can use add-ons like the official jellyfin addon and connect to any jellyfin server.
IIRC didn't it start out as XBMC, a media center you put onto the original Xbox?
It sure did, its over 20 years old now.
I guess it has inspired much of its competition, some of which with have added broader scope (like media servers) as one of their distinguishing features.