SVG is vector imaging and PNG is raster/bitmap imaging check our wiki for details at
Graphics. the text is real text in SVG and is searchable and scalable. SVG is fully supported in ePub 2 and ePub 3 but not the old mobi format although it is supported in KF8. As to scaling PNG, JPG, GIF etc scale by taking the image pixels and duplicating some number of them at the new resolution. It can cause jaggies in the image. SVG on the other hand draws the image at the new resolution. It scales the points where the lines end but the line itself is drawn at full resolution like a person would do if they were to redraw an image larger.
Think of SVG as drawing on a sheet of graph paper. The graph paper is rescaled at the new resolution and then the image is drawn on top of the graph paper.
Dale