Conventionally, we view the Aedra as synonymous with the Divines, but I don't feel that's quite accurate. Though perhaps addressing the same entities, the two terms possess wildly divergent nested semantic values.

Aedra, I feel, are a wholly Altmeri concept - their supposed "ancestors", immured by Lorkhan, but who will one day lead them to freedom from the prison called Mundus.

This is at odds with the Divines. They are Cyrodiilic, through and through, the loving pillars holding up the world and Imperial society. They do not offer freedom so much as mastery, of themselves, and of the known world.

In so many words, Aedra are (vaguely gnostic) ancestor-gods. Divines are the organizing principles of the world. I doubt that they could be more at odds.

We see it in the interpretation of the holy personas. Auriel the Aedroth, the Altmeri Dragon-King represents time as finite and further a liberating eschatology, the inevitable crumbling of the prison wall; Akatosh the Divine, the Imperial Dragon, represents time as infinite. Through him, The Empire endures, Tamriel endures.

That being said, I feel the Imperials appellating the Daedra "Demons" is appropriate in context. To Altmer, they are simply entities outside Doom-Drum's scheme. But to the Cyrodiils, they are evil spirits, meddling in Shezarr's endeavor.

Also, I feel the Nord's Eight should be called Aesir, just because.

Aedra is just a far wider term than the Divines, referring to all spirits that participated in creation, both Elhofney that remained on Nirn and Magna-Ge that fled. The Divines are just a group of Aedra and ascended mortals that are worshiped in the Cyrodiilic religion which is a amalgam of aldmer and nedic beliefs.

Additionally: Mythopoeia. The beliefs of mortals shape the gods.