The problem with widescreens is the lack of vertical screen space, which is a pain when trying to read pdfs and other documents, even in landscape mode. I teach with my iPad in the classroom and 4:3 is really the ideal resolution when projecting my screen to the class whiteboard.
With a wider screen, I either have to keep scrolling (because a narrower screen displays fewer lines of text), or I zoom out of the document (thus negating the benefits of the extra width of the display).
Also, just because my content is 16:9 doesn't mean the display has to be. Like when I am watching YouTube on my iPad, I don't go full-screen. The video plays while I check the comments or preview what to watch next. All this benefits from having a taller screen in general.
I don't know why "content consumption" gets such a bad rep around here. Not everyone's job revolves around editing videos or spreadsheets (though I also deal with a ton of data and spreadsheets as a head of department). For me, a great deal of my work is consuming content. For example, I could be reading soft copies of lesson plans and teaching guides and vetting exam papers and student remarks in Notability, browsing the web, checking email, or when I am marking, run Notability + YouTube in split-screen mode on the desk in front of me). At home, I can be lounging on the sofa and again catching up on my news feed, playing Slay The Spire, again triaging my mail or just messaging friends (yay for WhatsApp finally coming to the iPad). 😛
As for what distinguishes the two, I feel it really comes down to apps and ecosystem. Like I already have an iPhone, so getting an iPad feels like a no-brainer when I can share app purchases between the 2 (no having to buy the same app twice). Also, some apps are just not available on Android (Notability, Ivory, Reeder, Overcast, 1password, Play, amongst others).
Maybe the iPad does cost more upfront, but at this stage of my life, I am not really that price-sensitive over something I expect to last me 5-6 years (my 2018 iPad Pro lasted me till April last year, so around 5.5 years?). I am familiar with iOS, I am deeply invested in the platform, it works, so no point changing now. 😬