The reasons for me to prefer the reduced load when possible (shorter range) are the same as why I would prefer using a 22 Hornet over a 222.
I find the report of a 22 Hornet far less disturbing, especially when close to houses or farm buildings. I’ve often in the past avoided shots because of the blast of the unmoderated 222, which I don’t anymore with the reduced load.
Even if I don’t eat fox, I like the fact that the reduced load doesn’t turn them inside out at short range.
A 22 Hornet is a rabbit/hare gun, a 222 isn’t. Both are perfect fox guns, and the 222 is also good for roe. It’s just so nice with the two loads to have the two guns in one.
By the way it also makes reloading simpler, with 222 cases and dies only. Just much less powder (and ££/€€) for the reduced load.