F2fs has two advantages over EXT4, at least on SD cards:
it is a log-based filesystem so all writes are on new sectors.
it supports realtime compression. This could greatly increase read- and writespeeds, since less data has to be moved to and from the SD card. Note that the squash-fs part of Homeassistant is already using this.
However there is/was an issue with f2fs: filesystem resize does not work.
That is a problem for the initial installation when the card is resized to fit the disk.