We have both use cases. Depending on where the binary is located, sometimes it is possible/easier to embed it as part of the owning json document, sometimes we only include a link to it.
It is understood that I can provide the target format for the link in the hyper media part.
There is another use case, which is probably not very common: a binary itself is a standalone resource. It is not embedded as part of an owning object. Since we don't want to invent something else to describe it, it is better to use json schema for everything. In that case, there is no property really. I guess I could still provide the links in the hyper media part, such as a link for GET, another link for PUT, etc.