Thinking of a traditional shot from the baseline, if the player has enough time to be able to hit the ball after the rebound in a higher position or lower one, what are advantages and disadvantages in the next shot?
Generally, if the ball is able to be hit from a higher position, more power can be put into the shot because the ball needs less overspin to clear the net, with the power of the shot going into the velocity of the ball instead. This increased power could however cause newer or less skilled players to be more likely to hit the shot into the net or otherwise miss.
There are not really any advantages to hitting the ball from a lower position. The ball requires more overspin to loop over the net and land in, thus reducing the velocity of the shot.