I'm staying away from the "what's better" side of the discussion. It's like asking if poems are better than novels. They're different; they do different things in different ways. You'll get a sense of what's better for you after looking at a lot of work or after doing a lot.
The biggest arguement against color in large format is expense. That's merely pragmatic, but it might be a real impediment. I did b+w for most of my photographic life, and when I wanted to experiment with color, I found I couldn't afford it with the big camera. So I borrowed a friend's ancient hasselblad and learned with that.
It WAS a learning experience. Making pictures that work in color is different from making them work in shades of gray. Whichever one you learned on, you'll have to learn a lot of new things to do well at the other.
The only absolute I can think of is that color is easier to print. Analog or digital, it's just easier to get a color print to do what you want than a bw print. In my expereince anyhow. Something about black and white printing ... the subtlest differences can make or break a print.
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