I think for OP so much depends on the detail of use and potential future use, budgets, other uses (eg for hiking, swiming, etc.)
eg. What sensors (cadence, Heart rate, radar, etc.)
eg. Turn by turn navigation?
eg. Training vs utility vs recreational
etc.
I use mine to record ride and as a cycle computer *(speed, av. sepps, distance, etc.) when day riding from home but on tour (couple of months in Europe camping) I use turn by turn directions every day.
So I use a Garmin Edge. For me benefits are turn-by-turn and good mapping display (I use/have had 1030, 1040 and 1050 which are larger screen versions). Has quite a few features that I find great for touring beyond the just navigation. Does all the recording everything and automatically loading to Strava.
Before buying a dedicated GPS I tried a phone but found it useless. Even with a brand new battery in my iPhone It wouldn't last a reasonable ride with screen on.
I did try a top of the range Garmin watch but after a few months (and arguments with Garmin) sent it back for refund as it was little more than an inaccurate toy. But it never was a replacement for the dedicated cycle GPS as it's functions are very different.
It's a complex question and the answer is different for different people and those different answers are "right" as those different people want/need (slightly) different functions and emphasis.