To me , it is a different tool and has a place in your tool kit, just like the tx rig & drop shot, jig worm & weightless soft plastics & Carolina rigs have a place in your tool kit.
My home made ones are in the half to three quarter oz range. This lets me get to the bottom quickly. ( this is part of this being a unique tool. If I'm getting bit on the drop, a tx rig might be a better option. If I'm gettin bit on the bottom, I think the jika rig is better ) Should I happen to get bit, my bait is separate from the weight, which isn't always the case with a tx rig and is never the case with a jig worm. One key to my design is to use as light a hook as possible - the thinking there is that when the bite happens, the fish approaches the bait & basically inhales it, the hook easily goes along with the plastic into the fishes mouth and the weight stays out.
My home made rigs differ from Tokyo rigs in other ways.. The Tokyo rig has a wire dropper, where you can attach your own weights, then bend the wire so that they stay put. I tried that for a while and I found that if you used a wire that was bendable enough to easily change out the weights when you want to, after 3 or 4 bites the wire would get crimped, bent and wouldn't necessarily drop straight down anymore. Similar things happened when I used steel leader material, i.e. after several bites, the wire would get all wonky.
These days I use 80 lb fluorocarbon leader material. I use a couple of jewelers crimps at the end of the leaders then thread on the 2 worm weights with a bead between them for a little sound and then a smallish look at the top of the dropper, again secured with jewelers crimps or sometimes I've found stainless steel sleeves in the smallest size that work ok.
The fluorocarbon leader material is a little more flexible - compared to the wire, but that is ok and it doesn't go all bent & wonky after a few bites.
Now back to the original question. The jika rig is more of a power presentation compared to the finesse of a drop shot. My primary use for it is in depth greater than 10 feet when I want to put my bait down right next to some object. I've had some success just pitching it to stuff that I see on my graph. My best results have been throwing it at deep weed lines, 15 to 20 feet down where the vegetation stops and the sandy harder bottom is, before the bottom turns to mucky. This is generally just a foot or two off the weedline, so I like the fast, straight down drop the the jika rig offers.