What is the Point of a Fantasy Story that is Just An Alternate History?

What is the point of a fantasy story if it is just another alternate history? What is the point of a fantasy story set in the 14th century if it doesn't have any speculative fiction elements? How would it be different from a historical fiction story set in the 14th century? <br>Is the point of it just to say it has fantasy in it or is there something that I am missing?<br><br>Edit: To be more specific with the type of fantasy I was talking about, it is set entirely in our world, i.e., no alternate worlds or continents.