The advantages of depend very much on the language your web page is in.
Very few people, of example, would create a Japanese, or Devanagari, or even a Turkish web page in ISO-8859-1, using HTML character entities fo cover any characters not in ISO-8859-1.
If you are, however, creating a web page in English or French or another western language, it probably won’t matter much which one you use.
However, since all operating systems for home computers available today are Unicode based, and since two-thirds or more of HTML editors support Unicode, I don't see much gain in choosing to use a legacy 8-bit character set. It doesn’t give you anything that Unicode doesn’t give.
Some sets do use less bytes to produce the same number of characters. But that is hardly true of ISO-8859-1, unless you are using a very, very large number of extended characters, accented characters and pound currency signs and yen signs and so forth.
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