It seems to me that you understand both phrases correctly!
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Grammar GeekJason, welcome to the forums.
"Sooner or later" = eventually
"Sooner rather than later" = soon
It doesn't mean you want it to happen. It just means it will occur close to this point in time and not a long time from now.
I think the layoff will come sooner rather than later. He's very sick; I'm afraid his death will be soone