XFS is a very old and mature journaling file system which is very efficient for collections of mostly large files and file servers with many simultaneous users. It was originally developed by Silicon Graphics in the 1990s. It's been in the Linux kernel since 2001.
XFS allocates space using extents stored in B+ trees. This is very efficient when storing collections of mostly larger files.
XFS can't into shrinking. You can not shrink it. This may seem unimportant and in many cases it is. It is not a disadvantage until you find yourself in a situation where you want to or need to shrink a file system and you can't because it's xfs. This is a concern worth considering before you deploy something critical on a xfs file system.