The main benefit of LZW in TIFF is lossless size reduction: the image data stays the same, but the file takes less storage space. Depending on your system, smaller files can also sometimes read or write faster, though compression/decompression adds processing time, so speed can go either way.

Possible drawbacks:

• Compatibility: some software may not fully support every TIFF compression variant, so LZW TIFFs can be less universally compatible than uncompressed TIFFs.
• Corruption sensitivity: with compressed data, a bit error can potentially affect a larger part of the image than with uncompressed data.
• Performance varies: if your computer is CPU-limited rather than storage-limited, compressed files may save/load more slowly.

So yes, LZW is generally useful for saving space without losing image quality, but it’s not automatically better in every workflow. If your software supports it reliably, it’s usually fine for editing and storage; if maximum compatibility is important, uncompressed TIFF may be safer.