A general PGP student is someone around 22-24 years of age, with an Undergraduate degree in Core engineering stream and work experience of 6-22 months in IT.
Whereas a typical IPM student would be someone of age 20-22 with an Undergraduate degree from IGNOU and no work experience at all.
Some general opinions regarding PGP students are as follows
Not all IPM students are carefree and uninterested in their goals. There are some exceptionally good IPM students who are even better than PGP students from top engineering schools.
Moving on to the next part of your question, if IPM is really worth it, I would say no. Personally, I don’t think one should invest so much money in a course that has no certainty. The newly established course is yet to instill trust in the industry. The recruiters are not yet ready to undertake the risks of recruiting an IPM student so they face terrible placement demerits. But the final decision is yours to make.