A7M5: S-Log3 Picture Profile vs Log Shooting (Flexible ISO), any difference

I'm shooting on a Sony A7MV and have Log Shooting set to On (Flexible ISO) with S-Gamut3.Cine/S-Log3 and Embed LUT File: On.

Someone told me that the old way of using a Picture Profile with S-Log3 gives better dynamic range and better grading flexibility than the Log Shooting menu.

From what I understand, both record the same S-Log3 gamma and S-Gamut3.Cine data, and the Log Shooting menu just adds LUT monitoring and LUT embedding. I'm recording XAVC S-I 10-bit 4:2:2 at ISO 800 and above.

My questions:

1. Is there any real difference in dynamic range or grading latitude between PP S-Log3 and Log Shooting (Flexible ISO)?
2. Has anyone done a side-by-side test?
3. Would switching to Cine EI give me more benefit than going back to picture profiles?

Mostly shooting vlogs. Thanks!