Are there any advantages of getting this over the Steam Deck other than price?
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This fits in a pocket, the size is just slightly longer than a phone (it uses displays from iPhones...). Also it runs Android as the baseline, so you can run any Android games on top. Steam Deck has better CPU and specs, so Steam Deck will play new games.
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The new CPU will comfortably play up to PS2 and it will also probably allow 2x upscale on all PSP games, which makes this the ideal device for PSP emulation. Another interesting point is that the Pro can do displayport over USB-C, so this makes it easy to have your home retro console connected to a TV and then take it on the go.