Well, check the datasheets. The latter is pyrolytic graphite, an electrically conductive material that is highly conductive in-plane, but rather modest thru-plane. The quoted number is the former, not the latter. It's good at spreading out heat laterally, but doesn't help with air gaps, for which grease or pad is still required.
The first item is a paste, ceramic particles in an oil (usually silicone) base, which conforms between components in a joint, squeezing out and excluding air (an excellent insulator). Thermal conductivity is essentially irrelevant because the material mostly squeezes out; thermal resistance of the joint is dominated by interface effects, the insulator if any, and the parts themselves.
Note that copper itself is ~400 W m-1 K-1, so a copper sheet/foil 0.1 mm thick has as much heat-spreading capability as this specialized, pricey material. In other words, 3oz copper -- one can achieve a similar effect by fabbing the PCB with inner layer planes with as much total thickness. The cost of pyrolytic graphite is therefore justified only in very specialized circumstances, where there is truly no room to spread out heat otherwise, and most likely where a PCB isn't present, like across the tops of components, or components in places where a PCB won't fit anyway (Idunno, cell phone cameras let's say?). It's a fantastic material when you need it, but rare that you do.
The type of sheet needed for general component insulating use (TO-220s, etc.) is either a thin insulating "foil" (cleaved mica, or polyimide film) plus grease, or a thicker rubber compound loaded with conductive particles -- "Sil-Pads" or the like (which is squishy enough that grease is not required). None of which are exceptional thermal conductors; ceramics are the best among them (Al2O3, and even moreso, AlN and mixtures/alloys) but obviously are quite stiff and don't conform between surfaces, and are very brittle so poorly-fitted surfaces can even crack them.
Some quite soft rubber materials are available, with quite high thermal conductivity; I've seen over 6 W m-1 K-1. Simultaneously an advantage and disadvantage of these materials, they are so soft they can't be clamped down with screws or stiff springs; some are tacky enough they can be placed between components without clamping force, but preferably a modest-tension clamping spring is used.