The main advantage of having a /home partition is that you can easily preserve it during reinstalls or during a distro hop. Reinstalls used to be more common in the past when some distros didn’t allow full distro upgrades without reinstalling. See this result which is still ranked #1 on duckduckgo
I personally use a @home btrfs subvolume which has most of the same advantages to me, and additionally allows @home and @root to share the same partition. It also allows me to use luks on everthing without bothering with lvm.