To the best of my knowledge, most of the limitations are around allocation. NTFS doesn't allow for extent-based allocation, delayed allocation, uninitialized allocation, etc. It only has one allocation mode, which is the traditional block-at-a-time (actually "cluster"-at-a-time, though NTFS's clusters are roughly block-sized compared to other filesystems), which is now thought to be slightly less than ideal in terms of allocation performance and fragmentation.

And...speaking of fragmentation, I believe NTFS still can't do online defragmentation??? I can't see anything that contradicts this, but it's possible I'm out of date.

There are other small differences. NTFS has unnecessary filename restrictions, like prohibiting " and ? and things. But that's typically less important.

so… fat>ntfs?

that's not how this works

choice is king

for some things, sure... but for other things i'll take snapshots, dedupe, etc... i'll put my system disk on a fancy new filesystem and keep my user data on something more mundane for sure! that allows snapshot and restore of major upgrades with basically no effort