Most of the advantages are gone.
Baseline prestige tends to be higher and better conferences, not a conference advantage… But that might attract more people.
The negative, though, is that you play harder schedule, get a lower RPI, and have harder competition.
Advantage to is that some players prefer a strong conference. So that is an advantage for certain players, but definitely not all.
If you are at a big six conference that has the schools spread out such as the big 12 or possibly big 10, there could be some advantages. If you are tight together with UNC, Nc St, Duke, Wake, Clemson, Georgia Tech, etc. All nearby... that conference advantage isn't completely negated and I would say there are now many DISadvantages to being in the 3.0 ACC & I would hate trying to be rebuild at South Carolina.