Here are explicit examples showing that neither type of cospectrality implies the other.
The Hoffman graph and Tesseract graph are well-known to be adjacency-cospectral. A simple computation of the characteristic polynomials in Mathematica shows that these graphs are not distance-cospectral:
ComparePolynomial[matrixtype_, graphlist_] :=
Factor@CharacteristicPolynomial[GraphData[#, matrixtype], x] & /@
graphlist // MatrixForm
ComparePolynomial["AdjacencyMatrix", {"HoffmanGraph",
"TesseractGraph"}]
ComparePolynomial["DistanceMatrix", {"HoffmanGraph",
"TesseractGraph"}]
$$
\textrm{Adjacency:}\quad
\begin{align*}
\textrm{Hoffman:} & \quad (x-4) (x-2)^4 x^6 (x+2)^4 (x+4)\\
\textrm{Tesseract:} & \quad (x-4) (x-2)^4 x^6 (x+2)^4 (x+4)
\end{align*}
$$
$$
\textrm{Distance:}\quad
\begin{align*}
\textrm{Hoffman:} & \quad x^3 (x+2)^3 (x^2- 30 x -32 ) (x^2+ 6 x-8 )^4\\
\textrm{Tesseract:} & \quad (x-32) x^{11} (x+8)^4
\end{align*}
$$
In the other direction, Heysse constructs a pair of 10-vertex distance-cospectral graphs $G$ and $H$ which are similarly verified not to be adjacency-cospectral:
DistToAdj[list_] := DistToAdj /@ list;
DistToAdj[1] := 1;
DistToAdj[n_Integer] := 0; DG =
Partition[{0, 1, 1, 1, 2, 1, 2, 2, 2, 2, 1, 0, 2, 2, 3, 1, 3, 1, 2,
3, 1, 2, 0, 1, 1, 2, 1, 3, 3, 1, 1, 2, 1, 0, 1, 1, 1, 2, 2, 2, 2,
3, 1, 1, 0, 2, 2, 3, 3, 1, 1, 1, 2, 1, 2, 0, 2, 1, 1, 3, 2, 3, 1,
1, 2, 2, 0, 3, 3, 1, 2, 1, 3, 2, 3, 1, 3, 0, 2, 4, 2, 2, 3, 2, 3,
1, 3, 2, 0, 4, 2, 3, 1, 2, 1, 3, 1, 4, 4, 0}, 10];
DH = Partition[{
0, 1, 1, 1, 2, 1, 2, 2, 2, 2, 1, 0, 2, 2, 3, 1, 3, 1, 2, 3, 1, 2,
0, 1, 1, 1, 1, 3, 2, 1, 1, 2, 1, 0, 2, 2, 2, 2, 1, 2, 2, 3, 1, 2,
0, 2, 2, 4, 3, 1, 1, 1, 1, 2, 2, 0, 2, 2, 1, 2, 2, 3, 1, 2, 2, 2,
0, 4, 3, 1, 2, 1, 3, 2, 4, 2, 4, 0, 1, 4, 2, 2, 2, 1, 3, 1, 3, 1,
0, 3, 2, 3, 1, 2, 1, 2, 1, 4, 3, 0}, 10];
CharacteristicPolynomial[DistToAdj[#], x] & /@ {DG, DH} // Factor
CharacteristicPolynomial[#, x] & /@ {DG, DH} // Factor
$$
\textrm{Adjacency:}\quad
\begin{align*}
\textrm{G:} & \quad (4 - x - 44 x^2 - x^3 + 104 x^4 + 67 x^5 - 16 x^6 - 17 x^7 + x^9)x\\
\textrm{H:} & \quad (8 + 27 x - 52 x^2 - 70 x^3 + 58 x^4 + 66 x^5 - 10 x^6 - 16 x^7 +
x^9)x
\end{align*}
$$
$$
\textrm{Distance:}\quad
\begin{align*}
\textrm{G:} & \quad (2 + x) (40 + 184 x - 190 x^2 - 2237 x^3 - 4322 x^4 - 3512 x^5 -
1320 x^6 - 199 x^7 - 2 x^8 + x^9)\\
\textrm{H:} & \quad (2 + x) (40 + 184 x - 190 x^2 - 2237 x^3 - 4322 x^4 - 3512 x^5 -
1320 x^6 - 199 x^7 - 2 x^8 + x^9)
\end{align*}
$$
[1] Heysse, Kristin, A construction of distance cospectral graphs, Linear Algebra Appl. 535, 195-212 (2017). ZBL1371.05163. arxiv:1606.06782.