well i am going to be honest here. gas fees goes about 200-300 per sats blocks confirmed in one or two minutes. comparatively mutiny or phoenix or green lightning gas fee is about 10-20 sats and transaction confirmed almost instantly.
however, with liquid, you dont need to worry about volume. whether it is 0.001 btc or 0.1 btc, the gas fees will almost be the same. this is very different with LN where apart from variable gas fees, you have to always keep an eye on inbound and outbound liquidity. splicing make the whole experience better, but still, stack a bit more than your inbounds and you start paying channel opening fees which is actually an on chain fee. phoenix came with the new borrow liquidity feature, which i think is unique tho and worth to try.
stability i believe is the main reason to use liquid, especially for stack only wallet. liquid is a sovereign blockchain which immaterial of the gas fee situation on bitcoin blockchain, could operate rather flawlessly. this is different with LN channels, which at risk of force closure in high fee environment, especially for mutiny.
both LN and liquid provide some level of privacy, so no comments here.
Mutiny is a more "social" wallet with Nostr-wallet-connect while phoenix is a tad more conservative. liquid is not "social" yet.
Liquid wallet & exchange support is very minimal. very very minimal. unlike LN which has been adopted by exchange giants like Binance. of course, you can still use nostr:npub1psm37hke2pmxzdzraqe3cjmqs28dv77da74pdx8mtn5a0vegtlas9q8970 but that still requires LN.
however, the major drawback of using liquid is probably the design. liquid is a custodian bridge chain (they called it fiduciary) so there will always be a degree of concern of your funds being held up by the fiduciary. this is different from phoenix where you get almost true self custody (still minor risk with LSP). in this sense, i think liquid is inferior than the Optimism, L2 of ethereum and Osmosis, L2 of IBC / Atom which handles the bridge using smart contracts, but current concern with bridges hack is a valid reason why liquid is not using this approach