The difference between ALL:ALL and ALL in RunAs is the combinations of user and group that can be used. For example:
# sudo -u muru -g git id
Sorry, user root is not allowed to execute '/usr/bin/id' as muru:git on muru-laptop.
# sudo -u muru -g muru id
uid=1000(muru) gid=1000(muru) groups=1000(muru),10(wheel),21(locate),102(polkitd),190(systemd-journal)
$ sudo -u muru -g git id
uid=1000(muru) gid=997(git) groups=997(git),10(wheel),21(locate),102(polkitd),190(systemd-journal),1000(muru)
$ id
uid=1000(muru) gid=1000(muru) groups=1000(muru),10(wheel),21(locate),102(polkitd),190(systemd-journal)
The first two commands were run as root, the third and fourth under my normal user who has (ALL:ALL).
With only ALL, -g can only be used to specify the primary group of the user - which is no better than not specifying -g at all. ALL:ALL can be used to give any combination of valid users and groups.
I don't know why this (artificial) restriction is in place.