The function version is a short hand for the full match syntax in the special case where the match statement is the entire function and the function only has a single argument (tuples count as one). If you want to have two arguments then you need to use the full match syntax*. You can see this in the types of the following two functions.
//val match_test : string -> string -> string
let match_test x y = match x, y with
| "A", _ -> "Hello A"
| _, "B" -> "Hello B"
| _ -> "Hello ??"
//val function_test : string * string -> string
let function_test = function
| "A", _ -> "Hello A"
| _, "B" -> "Hello B"
| _ -> "Hello ??"
As you can see match version takes two separate arguments whereas the function version takes a single tupled argument. I use the function version for most single argument functions since I find the function syntax looks cleaner.
*If you really wanted to you can get the function version to have the right type signature but it looks pretty ugly in my opinion - see example below.
//val function_match_equivalent : string -> string -> string
let function_match_equivalent x y = (x, y) |> function
| "A", _ -> "Hello A"
| _, "B" -> "Hello B"
| _ -> "Hello ??"