It's a false equivalence, light-wood framing is typically used in single-family homes or shorter (<5 stories) multi-family homes.

Steel and concrete is typically used for 10-20 story multifamily housing.

Mass timber is being pushed by the timber manufacturers as an alternative to steel and concrete, no one's seriously proposing you build your 2-story 2500 sqft home out of laminated beams instead of studs, trusses, and joists.

You can do things with it that you can't do otherwise. For instance, you can create extremely large spans that weren't otherwise possible in wood framed construction. This creates really cool opportunities when designing the interior of a home.

Framing can be done with LVL as well and the benefit is that it's very stiff. This means a better frame when you have high ceilings and the ability to go 24" off center so you can have more insulation. Can do this with 2x6 as well.