I would argue that it’s just down to a preference. I regularly go between hot brewed, iced coffee, and cold brew, and I would personally say that when I make iced coffee (the exact same way as hot but just leaving it in the fridge until it’s cold), it’s significantly harsher and is missing a lot of nuance.
Cold brew definitely also lacks complexity compared to hot - I think most coffees made as a cold brew will converge towards an oxidized/ chocolate flavor. It’s not really worth it to buy expensive coffees for cold brewing but I think it’s a pretty forgiving and easily-scaled process.