Is using Sorting Layer better than using z-position of 2D sprites?

I’m currently using different sorting layers for my 2D sprites

But I’m wondering if using the same sorting layer for all sprites and change the z-coordinate of each sprite has any performance or practical advantage over sorting layers?

What if I animate my sprites?

I’ve found that sorting layers work well for distinct layers like background, midground, foreground… and then using OrderInLayer within those layers.

I don’t use Zdepth as a general rule.