Benefits:

• Changes are persistent. Unlike SteamOS, which uses an A/B partition scheme for upgrades, every update is a new image, and you can easily rollback or rebase at will.
• Several built in tweak commands to set up or modify different settings/apps.
• Comes with many QoL bundled apps.
• Can utilize Distrobox to install other software from other distros.
• Active and responsive devs and community.
• Works on both desktop and handheld hardware.

Drawbacks:

• Does not always get updates as quickly as SteamOS (it’s nearly bleeding edge, but not quite).
• The fully Atomic nature has a learning curve, and system management may be challenging, depending on what kinds of tweaks a user intends.

There may be other technical aspects that differ, like battery life, but I don’t know enough to say if they are different in practice. Fwiw, I have Bazzite on a laptop and SteamOS on my Deck.