Most studios are not choosing between two plugins. They are choosing between a plugin and a tablet on a mic stand. These pages compare the real options, including where the old way is still the right call.
Is a lyrics plugin better than propping an iPad on a mic stand?
Why not just share a Google Doc with the lyrics?
What is wrong with printed lyric sheets in the studio?
Can I just read the lyrics from my phone while recording?
Should I use an OBS teleprompter or a DAW lyrics plugin?
My DAW already has a lyrics track. Why do I need a plugin?
Is a lyrics plugin the same thing as karaoke software?
Shouldn't a professional singer just memorise the lyrics?