SAT vs AP Tests

If I am studying for the AP tests in may, will I have to do additional studying for the SAT subject tests or is the material the same?

Also, if I am considering doing Math I or Math 2, do colleges really care which one or is that just a myth?

Material is usually but not necessarily similar - for example, there is AP Calculus but no corresponding SAT calculus exam.

For your second q, answer depends on the college. For example, MIT doesn’t care for Math I or Math II.