It still has a way to go to be able to compete with the advanced functionalities of Webflow but it is a good tool for making simple websites.
→ The benefits compared to Webflow: Cheaper, easier to use and learn. Launch faster. Insert quick pre-made animations and interactions.
→ Where Webflow still is king: Advanced and complex websites are not a thing in Framer right now. For sites with big CMS Framer still lacks many functionalities. If you are a designer Webflow freedom to build anything as you imagine is amazing, Framer sites, on the other hand, look all alike the same with these rounded squares modules, etc. If you are a developer, Webflow will give you much more freedom by tweaking and customizing the code.
If they keep developing Framer at the pace they are doing it, I have no doubt it will become a designer and developer's tool of choice sooner than later.