The Work and Holiday visa (subclass 462) is the parallel stream to the 417. It serves a different list of partner countries, including the United States, China, Indonesia, and Greece, and it carries requirements the 417 does not: an age cap of 30 inclusive, an education requirement, and functional English.
For US passport holders the 462 is the working holiday route: the education requirement is a Senior Secondary Certificate of Education or equivalent, the US passport itself satisfies functional English, and first 462 grants for Americans are not subject to the annual country caps that apply to most 462 countries.
If you hold an Irish, UK or Canadian passport, the 462 is not your visa; those are 417 countries, and applying through the wrong stream wastes a non-refundable fee. The two visas grant similar work and travel rights once held, but the eligibility rules differ.