The only technical advantages are that diamond sharpening plates tend to remove material more quickly. They also have their drawbacks.
Just like turning tool sharpening which you know well, It's just a balancing act trying to find the right combination of time, price, ease of use, etc., in order to achieve the end result that satisfies you.
I dabbled in a few different methods early on to a very limited degree and settled on a granite sharpening plate and sheet abrasives. For me, this is the best method for sharpening all my edges (without becoming obsessed) to working sharp.
There are just as many ways to sharpen the knife as there are ways to skin that cat.