My understanding is yes. This 2019 article outlines it nicely. UDFAs get salaried when signing with a team, whereas minicamp invitees are unsalaried and only get 2-3 days to try and make the team. Drafted players get bigger signing bonuses and more guaranteed money. I think Pledger definitely would’ve preferred to get a UDFA contract, but he’s still getting a shot.
Should he have come back for another year? I’m not sure, as he would have essentially been in the same exact role behind Thomas. Running backs have a short NFL shelf life, so another year doing the same thing may not have been worth it for him.