You are correct.
Late Apex (from experiences in autoxing and karting. The bike is still a work in progress
)
Pros:
- Allows to carry your speed deeper into the corner (passing/overtaking)
- Get on the throttle sooner (with maximum tire contact patch)
- better field of view
- Safer in street/canyon riding/driving
- old addage is always true "slow in fast out"
- minimizes the time spent into the corner (as you mentioned) which reduces your vulnerabilities from outside factors
Cons:
- Not the fastest line (aside from normal apex), but the most practical for the street and canyon riding where there are a lot more variables that come into play.
- If racing, the normal apex line (most cases) allows for better setup for the next corner. The late apex will cause you to be inside of the line and will have to make up the position by outbraking again (and possibly go wide). (Sorry I watch too many MotoGP and F1 races)