Album is the term that Lps and Cds share. Sgt. Pepper’s is an album whether it’s on Lp or Cd.
The term album comes from the days before vinyl. You could only fit one song per side on 78s made of shellac. So if you wanted a collection of your favorite performer’s music, you would buy an album bound with leather or cardboard. The pages would be paper sleeves that you would store individual 78s in. I suppose you could buy an empty album or one already filled with 78s. It’s the same idea as photo albums, which you buy with empty pages and slide pictures into the pages. The name transferred to Lps, which are also collections of songs.
You younger people, ask your parents or grandparents, they probably have a photo album somewhere. Maybe even an album of 78s.
Imo, record, short for a recording of music belongs to both formats too.