The Children Editor or Select Panel provides a new way to edit container components like accordion, tabs, and carousel. https://docs.adobe.com/content/help/en/experience-manager-core-components/using/components/carousel....
Advantage:
Show/hide child panel except current, provide WYSIWYG authoring experience.
Disadvantages:
1. A different authoring experience requires authoring training and you may end up having 2 different authoring experience.
2. Writing the same experience for custom components can be time-consuming since it requires css/js changes.
3. Authors may not like new experience(not my personal feedback but based on author feedback)
Arun Patidar