Cabinets simulate speakers and microphones. Impulse responses, to the best I can explain, uses impulse recordings from speaker / mic combinations to then be processed. So IRs are not simulations.
I have used both. I’ve found IRs to have a better overall presence, crispness and liveliness. When running them you can run at a higher quality and lower quality - I’ve only used the higher and never really compared the two to see if I hear a drastic difference.
At the higher quality, IRs are more computationally intensive (so there is definitely a trade off to consider). I find that I have fewer delay options on my main templates and configurations. But I can usually tweak it to get enough computation / block space open.
Many IR packs out there give lots of combinations (console recorded in / mic position / distance / microphone). While many are also there in the simulator, console isn’t. And there is often more microphones. So you can be overwhelmed with options (which I find distracts from the creative process).
in the end, I’ve not looked back after switching to IRs.