The answer is in your question: The advantage is not having to cook in order to work on a project. 

Hi,

The downside, however, is that without cooking, it will place a bit more load on your computer than it otherwise would.

Warmest regards,

Thanks Eifert for your response.

It seems I didn't explain myself well. I want to understand the differences between Editor Data and Live Sync, as both seem to allow working without the need to cook the project.

Thank you

Hi,

The main difference is that Editor Data operates independently and does not require the Unreal Editor, whereas Live Sync uses the Unreal Editor for rendering.
You can find a bit more detailed information in our documentation here: https://aximmetry.com/learn/virtual-production-workflow/obtaining-graphics-and-virtual-assets/creating-content-for-aximmetry-de/interactive-editing-with-live-sync/#editor-data-mode 

Warmest regards,

Thank you very much Eifert!