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It is the latter. The former is an inside axel.
A waltz jump changes feet, whereas a 3-jump does not (it's quite literally a 3-turn where you jump the actual turn part).
Actually in some parts of the world a waltz jump IS a three jump. And as three turn where you jump the turn is a Jumped three. Two nations divided by a common language. Don't get us started on Cherry Flips (toe-loops) and teapots (shoot the duck).