"Traditional web design" usually means one defined project. The team agrees on the full scope, a design and a price. An agency or an in-house team builds the site and launches it, and the project closes. Good projects of this kind include customer research and testing, and many of these sites are maintained well after launch. A single project also suits real constraints, such as a budget that has to be approved once or a rebrand with a fixed date.
The difference lies in when each decision gets made. Suppose a software company is replacing a 60-page site, and its buyers decide mostly from the home page, the product pages, the pricing page and the demo request page. Suppose also that the team is unsure whether buyers want to see prices per seat or would sooner ask for a quote.
In a single project, the team settles the structure, copy and design of all 60 pages before launch. It can prototype both pricing layouts and test them with a few buyers first, and careful teams do. But the choice is still made before the page has met live traffic. Suppose the contract ends at launch. If visitors later behave differently from the test group, changing the page is new work outside the project.
In growth-driven design, the same company launches the pages its buyers decide from. The remaining pages move across with lighter changes or wait on the wishlist. The team still has to pick a pricing layout for launch. After launch, it watches how visitors use that page and hears what buyers ask on sales calls. It chooses what to build next with that evidence in hand, and revising the pricing page is already inside the plan.
So the method postpones some decisions until the team has visitor behavior to inform them. In exchange, the first release covers less ground than a full redesign would.