Compare fighter stats, OoS options, frame data and more between Toon Link and Link in Super Smash Bros. Ultimate! Young Link vs Toon Link: A Statistical Analysis & Comparison involving over 800 combos, 200 stocks, and 36 tournament sets. Toon Link is the floatiest of the three Links, giving him a strong aerial presence.
Toon Link is famously known for his bomb to forward air combo, resulting in a very reliable kill setup. Young Link is accepted to be better at the moment, but there hasn't been many people labbing or playing Toon Link so that statement comes with a grain of salt. In my opinion, I just like Toon Link more, so that's the Link I play.
Though something to note is that Toon Link gets kills MUCH easier than Young Link. Toon Link is as different from Young Link and he is from Adult Link, they don't play the same at all. Young Link was basically a lighter clone of Link.
But Toon Link is much more like a unique character. Specifically, he has several different moves, including all his aerials (no kicks), different throws, his specials all have different properties. Toon Link has the same up-air, the same down smash, the sams forward tilt, the same down tilt, the same up tilt, the same jab, nearly the same down-air, nearly the same up smash and, as you said, the same specials as regular Link.
For Super Smash Bros. Ultimate on the Nintendo Switch, a GameFAQs message board topic titled "Toon Link VS Young Link: The Difference". Toon Link is a lot more comfortable playing slightly outside of traditional sword range, getting closer when safe and backing off when it isn't.
He isn't able to do too much from across the entire stage and can get overwhelmed if the other player has faster frame data and gets up in his grill. Link vs Young Link vs Toon Link In-Depth Comparison (Super Smash Bros. Ultimate).
Toon Link's playstyle is different. With his faster speed he can get away with hit and run in certain situations. Toon Link is a light character, as mentioned so he survives shorter than Link.
Toon Link also relies on his projectiles more than Link. Toon Link is a more combo type character. Even though he doesn't have any true combos out of down throw or really any grab.
But with his Boomerang.