I could be wrong but I feel a big factor (the main?) is longevity of the insulation. Had some old extension cords passed down in the family with rubber insulation peeling off. Granted, it gets flexed and bent, but the whole design is optimized for bending (strands + flexible rubber/plastic) and I think aging is less of a concern. Not sure what the spec is for in-wall wiring but I would hope it’s designed to last 100 years or more.
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