Hi Vimal,
Though I am new to OpenStack but I would like to share my understanding.
Command "nova hypervisor-list" gives the list of compute nodes on which compute instances (VMs) can be instantiated.
While the command "nova service-list" gives the list of nova services which are running in controller node. This also includes nova-compute services running in each host.
I am not fully confident on my question, please correct me if something is wrong.