chin-wagging vs confabulation

chin-wagging and confabulation both are nouns.

Word	Noun	Adjective	Verb	Adverb
chin-wagging	Yes	No	No	No
confabulation	Yes	No	No	No

As nouns, confabulation is a hypernym of chin-wagging; that is, confabulation is a word with a broader meaning than chin-wagging:

Other hypernyms of chin-wagging include chat, confab, schmoose, schmooze.

chin-wagging (noun)	confabulation (noun)
light informal conversation for social occasions	(psychiatry) a plausible but imagined memory that fills in gaps in what is remembered
	an informal conversation