In the recent paper [Stud. App. Math. 147 (2021), 752], squared eigenfunction symmetry constraint of the differential‐difference modified Kadomtsev–Petviashvili (DΔmKP) hierarchy converts the DΔmKP system to the relativistic Toda spectral problem and its hierarchy. In this paper, we introduce a new formulation of independent variables in the squared eigenfunction symmetry constraint, under which the DΔmKP system gives rise to the discrete spectral problem and a hierarchy of the differential‐difference derivative nonlinear Schrödinger equation of the Chen–Lee–Liu type. In addition, by introducing nonisospectral flows, two sets of symmetries of the DΔmKP hierarchy and their algebraic structure are obtained. We then present a unified continuum limit scheme, by which we achieve the correspondence of the mKP and the DΔmKP hierarchies and their integrable structures.