I am happy to share that CJA doesn't have those same cardinality limitations as regular Adobe Analytics. In fact, as a former Adobe Analytics client, that is one of the features I was most excited about for CJA. You not only can report on any dimension value, but you can also Filter/segment down to ...

https://experienceleague.adobe.com/docs/analytics-platform/using/compare-aa-cja/cja-aa-comparison/cja-aa.html?lang=en#not-planned

Advertising Analytics is not available in the Analytics Data Connector (ADC), but does not prevent the use of ADC, it simply does not have Advertising Analytics data included.

I would not be able to say one way or the other what is best for you, only presenting options to your problem of being able to analyze changing profile attributes. Many factors to consider in whether to use both a profile lookup and an event version or one or the other, for example:The Profile looku...

When you use a profile lookup dataset in a CJA Connection, the attributes in that dataset will be available in CJA reporting for matching PersonIDs.  To answer your question, the last values in the profile lookup per PersonID are applied to all of that PersonID's events - similar to how record looku...