Levenshtein is an algorithm for finding the Levenshtein distance between two strings. string_similarity also acts in a similar way - calculate similarity and output a score.
This question has a couple moving parts.
Take two strings:
$string1="adipesesing et";
$string2="Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua";
Now looking at $string1, "adipesesing et" would find the most similarity in the substring "adipisicing elit" within $string2, where the first word is mispelled and the latter is an abbreviation. The above functions would not calculate the score based on this substring, but all of $string2.
Is there a popular method for finding the substring with the most similarity with the two functions?