In a sheet, there are the following:
The A field is a multi-select drop list column type. For example, the A@row cell has the values:
'Apple Lime Orange Pear'
The B field is a multi-select drop list column type. For example, the B@row cell has the values:
'Apple Carrot'
The C field is a multi-select drop list column type with a formula that the result would be:
'Lime Orange Pear'
Which are the values in A not present in B.
The D field is a multi-select drop list column type with a formula that shows the value:
'Carrot'
Which is the value in B not present in A.
There isn't a direct function that can subtract multiple values from another cell with multiple values in Smartsheet.
However, if your B column only ever has a single value, we could use the SUBSTITUTE Function to subtract that single value from A:
=SUBSTITUTE(A@row, B@row, "")
But this won't work for subtracting A from B or if the B column has multiple values (see the orange cells where it's incorrect):