I've always been an advocate for the "markdown in the repo" scheme with CI-generated Sphinx (or whatever) docs, but these features have really won me over to the standalone wiki at least in some cases.
Then again I'm not sure how many non-technical folks are willing to dig into GH anyway. I've heard Issues & friends called "too confusing" for "non-technical" folks, in favor of Asana and Jira, of all things. Huge WTF from me since I'd say the opposite is strongly true regardless how "technical" one is, but that's the perception I guess.
Yes, that's a significant difference. Publically contributed information (Wikipedia, Stack Overflow) can be quite good.
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Another difference is that the wiki is not versioned with your code. (An entirely separate repo, but stil logically connected with the code repo.)
HEAD of wiki is documentation for version 1, version 2, version 3, etc. of your code.
That may be a good thing; that may be a bad thing.
Markdown is already rendered in the repo and can live next to the code. Meaning that merge requests can update both the code and documentation at the same time. And GitLab / GitHub have embedded editors that allow you to edit the markdown files using from the browser, just like a wiki.
Basically the only thing that is left is that the wiki can be edited without supervision.