It is more complex than it used to be, for sure.
The main upside is having full control over the HTML structure. This allows you to do things like set a custom poster, mute (or unmute), autoplay (or not) and so on. If we added options for all of the available fields, it would clutter the UI considerably when creating a Header element.
You also have total control over what kind of video file you want to use, and can even add multiple files (as fallbacks).
Basically, this way gives you total control.