Analog Lab does include all the instruments from its equivalent V Collection (plus a small quantity of presets from Pigments, which is sold separately from V Collection), but in recent years nowhere near the same number of presets. Also you can't edit as many parameters and controls as you can in the full V Collection. Prior to V Collection 7, Analog Lab 1 to Analog Lab 3 had all the presets from its equivalent V Collection (V Collection 4 to V Collection 6).
Arturia originally thought Analog Lab would tempt users into buying V Collection in order to access the full gamut of controls to sculpt their own sounds with the complete instruments. But then the penny dropped in Arturia's bean-counting office that they were haemorrhaging V Collection sales to customers who were happy to just gain access to all the V Collection's thousands and thousands of presets via Analog Lab, many of whom had acquired Analog Lab when they bought an Arturia midi controller, with which it was included for free.
So from Analog Lab 4 onwards, Arturia only included a much smaller selection of V Collection presets ('curated from V Collection' as Arturia put it). They also launched a version of Analog Lab sold with their cheaper controllers called Analog Lab Lite which is even further pared-down to circa 500 presets.
The current Analog Lab 5 includes approximately 2,000 of V Collection 8's 10,000 presets. Analog Lab Lite owners can upgrade to the full version of Analog Lab (and to V Collection) for a preferential price.
