In the past, Wiki pages were a great way to store content in SharePoint. These days, with advancements in browser and smartphone capabilities, Word Documents are a better place to store content.
Many articles, like this one from 2017, talk about the benefits of using Wiki Pages over Word Documents - however, these benefits are no longer relevant.
Figure: We've come a long way since Word 2013 Online Presentation
Let's have a quick look at some of the points that the article above used:
Accuracy - It's easy to see the Modified date of documents in SharePoint, so you can tell if the Document is the most current one (of course, it should be the only one).
Load Time - In the past, this was an issue. These days, browsers have no problem loading Word Documents.
Mobile - Mobile browsers also do a pretty good job of opening Word Documents, and there are the Office and OneDrive apps to make it even easier.
Note: If you want to create an actual Wiki within SharePoint, Modern Pages may be the way to go - but for general content, Word Documents are best.
❌ Figure: Limited SharePoint formatting
✅ Figure: Microsoft Word's well-known, feature rich formatting options
Figure: Browsing files in Teams