It's not so much a benefit as it is a necessity. The majority of fighters competing in the United States cut weight. And most with wrestling backgrounds are used to it so it's second nature. Like you said, if YOU did it you might feel weak, etc. and that's true for people who aren't used to it or who've never done it before. So it's a necessity because the majority of fighters in a division (in the U.S.) come fight night weigh significantly more.
LW - 170+
WW - 185+ (GSP said for tonight he'll probably weigh like 190 - 191 lbs)
MW - 200+
LHW - 220+
HW - Most have to cut down to make that 265 lbs limit.
That's the biggest problem foreign fighters have in the states, especially Japanese fighters. Because they tend to fight at their natural weight and end up in fights with guys who have a 20 - 30 lbs weight advantage come fight night. F'n Anthony Johnson fights at WW (170 max) and he routinely cuts 30+ lbs. That's insane.
I guess you could call being able to compete a benefit. lol. But imo it's a necessity. Unless you wanna fight bigger opponents consistently.
Used to be.. but nowadays since pretty much every fighter in MMA (in the U.S.) cuts weight, it's no longer a "competitive advantage". It's a necessity to even the playing field.