The difference is that as Circle works in TSX files, but <Circle> conflicts with JSX syntax. as was introduced for this reason.
For example, the following code in a .tsx file:
var circle = <Circle> createShape("circle");
Will result in the following error:
error TS17002: Expected corresponding JSX closing tag for ‘Circle’.
However, as Circle will work just fine.
Use as Circle from now on. It’s the recommended syntax.