This is a tough question to answer.
Habibti is mostly used by people who have the chance or are close enough where Habibi would be overkill and fruitless. So, in other words, habibi might only be used in times of war where they may not see each other for years on end while habibti could be more likely with those that share an apartment or even just friends who’ve grown close (Hebrew translation).
The main difference seems to come from how often it’s used … while you can still use either one at any given time, there needs to probably be some sort of context for the term “habibi”. Though both translate as ‘beloved’