Yes, there are many advantages to each level type.
Here's a quicklist (I'm not trying to be all inclusive!):
(standard raster) Primary benefit: MyPaint brushes
Standard raster is also the format most important imagery will be in.
Toon Raster
The mainstay of Toonz/OpenToonz
This is the format that most work is colored in
It has the benefit of paint fills and recoloring of lines and/or areas
Vector
Whereas raster images are bitmap and depend on resolution of an image vector lines are resolution independent so scaling up and down won't produce jagged edges.
Vector lines can also be edited independently and reshaped via control points.
There is an advantage of sticking with Toonz Raster and Vector in that these formats can easily be converted back and forth via copy/paste.
Toonz Raster and vector levels can also be pasted into standard raster levels.
BUT the reverse is not the case Standard raster images can't be copy/posted into Toonz Raster or vector.
Instead they must be converted or cleaned up in order to take advantage of the benefits of Toonz Raster and vector levels.
That's skimming the surface of the various advantages/disadvantages.
Added: I'd say I have a favorite level type but usually my favorite is the one I'm using at the time because we can use all three at the same time in a Scene.
Generally speaking I tend to use Toonz raster more than vector but both of these more than standard raster.
I mostly use standard raster for quick sketching (and using MyPaint brushes) and for dealing with imported imagery.