That's true, but functionality-wise, they can do much fewer things.

With an application load balancer, you can set up multiple backends, do basic redirections, do OIDC authentication, etc.

With a network load balancer, you can only spread TCP and / or UDP connections.

Yeah I was confused too. Why on earth will someone provide a load balancer if it keeps changing it's IP address as it scales?

The normal AWS load balancers are set up to stay in service as long as the cache time on their IP address having been served by DNS... (which, FWIW, I have long argued "isn't sufficient", as many ISPs in countries half a world away from the US or using tech like satellites don't honor DNS cache times and then your requests end up getting routed to someone else... I routinely got tons of HTTP requests clearly destined for someone else's product).

Because they're intended to be referenced via hostname, and yes, regular HTTP AWS load balancers do indeed rotate their IPs.