RGBPanels do use less power even when corrected for amount of brightness generated (my estimate is at least 3 times less), they can be a lot more dense, they're cheaper, but they're a pain in the ass to drive since they require constant refreshes at high speed. That being said, as long as you don't exceed 128x64, which is more or less the practical limit on teensy 3.6 and ESP32 due to memory limits due to how SmartMatrix works (a different implementation could push things to at least 128x128 by sacrificing quality for memory use).
The demos I used for the pictures below are
Here are some shots of Aurora in 32x32 and 32x24 with FastLED::NeoMatrix vs 64x96 with SmartMatrix:
Video:
And then shots of Table from Mark Estes in 32x32 and 32x24 with FastLED::NeoMatrix vs 64x96 with SmartMatrix:
Video: