voltage divider or series current resistor

I am just a beginner so forgive me if this question is stupid.

On a simple circuit, like 2 LEDs with a 12v supply, which would be better, a voltage divider to lower the voltage or a series resistor to restrict the current? Or am I completly wrong in my understanding of a voltage divider?

Please correct me if I am wrong, but it seems the divider would actually waste some energy because it is being sent to ground.

What is the determining factor in deciding which to use?

Is the reason a series resistor with LEDs because the LED has a resistance of its own therefore creating a sort of divider?

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