Here's a great post with pictures to show the differences:
https://www.pokerchipforum.com/threads/nuts-hybrid-tina-chips.95735/post-1987285
But, in short, cards mold chips actually have a recessed area with two little cards that go around the ring of the chip. They are also fully dye sublimated with no label. Any artwork is directly printed onto the chip.
The no molds are a smooth mold with no recesses around the outer ring. However, they are not fully dye sublimated, and they have a physical sticker that is placed in the middle for the label.
In the past, with the CM chips, there were issues with color consistency on the recessed cards. In the sets that I've received recently, that has been less and less of an issue.
With the no mold chips, the dye sublimation is extremely consistent since there are no recesses that have to be colorized.
The artwork on the printed labels for the no mold chips is crisper and sharper than that which is printed directly onto the chip, which can be a little grainy. However, because the CM chips have full face dye sublimation, you are able to also print a faux shaped inlay which in my opinion looks fantastic.