The biggest advantages:
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Speed. The processor is far beyond anything else on the market. It makes everything feel so responsive that it’s hard to go back to anything else after using it.
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No ads or bullshit in the operating system. You can opt out if data tracking. The Home Screen is just a grid of apps. Individual apps may have ads in them but the OS itself feels like it respects you.
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Reliable frame rate matching. 24fps video content outputs as 24hz signal to remove stutter and frame skips etc. Other devices offer this but are less reliable.
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Infuse. Great app for playing back your own files. Connects to Plex, Jellyfin etc and works extremely well. Makes Kodi feel ugly and clunky in comparison.
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Good integration with other Apple stuff. Like using your phone as a remote. Turning it on and off using Siri. Etc
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The screensavers. They’re seriously great.
Disadvantages:
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Price.
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Lack of customisation. There’s not much to tinker with under the hood.
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Not easy to side load apps
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No audio passthrough for playing Bluray atmos rips. Best you’ll get is lossless 7.1 audio.