jumpdeer Sorry for the late reply, I didn't seem to have been notified of it. In terms of privacy benefits, work profiles are oftentimes recommended as a means to separate data between apps installed on your device. For example, if you want to use a social networking app which requires access to your photo library, by installing it in a work profile, it will only be able to see the media that's present within the work profile. This can be an effective way of separating personal and work use cases, hence this feature being called Work Profile.
However, there are some limitations with Work Profiles that you should be aware of. Since they need to be activated with an app (most people recommend Shelter as a FOSS option), you need to trust the app that enables this, which increases attack surface as a result. Also, Work Profiles don't have separation from things like notifications and other low-level system functions, and it's still possible to transfer data outside of the work profile in some cases. This is why apps like Island can enable you to transfer files directly to a work profile from outside of it. From a security standpoint, this is obviously far from ideal.
GrapheneOS has been doing a lot of work to improve multi-user profiles, especially as of late. If security and privacy are your primary concerns, you should be using multiple user profiles instead. All profiles are completely separated from one another, unless you optionally enable things like phone access from the settings. Each profile has its entirely own set of apps and settings, and you can completely log out of a profile to stop all processes within it from executing. Additionally, GrapheneOS now allows you to show notifications throughout all of the system profiles in a way that's still secure and doesn't leak your data to other profiles. Using multiple profiles is almost akin to having a completely separate device to use apps on, and they can be created or destroyed at will. It's up to your threat model to determine whether the convenience tradeoff of having to switch profiles is worth the additional privacy and security to you.
Lastly, I'll describe one popular use case for multiple profiles. If you want to use Sandboxed Google Play but don't want for it or your apps to be running in the background when you're done with them, you can dedicate a profile to Sandboxed Google Play and all of your proprietary apps. This way, when you're done using these apps, you can log out of the profile, and nothing installed that profile will run in the background. This can be a great way to enhance your security and privacy when using less trustworthy services.