Pretty much the only advantage is ground speed and jump height.

Toon's aerials are laggy as HECK.

-Bair can autocancel out of a shorthop. Don't fastfall. Link's starts up slightly slower, and lands with barely any lag.

-Nair has the least lag, so it's ok if you land with it. Can autocancel out of a SH, can hit tall characters with a FH. Not safe on shield, though. Hitbox is waaay smaller compared to Brawl Toon nair. It's Smash 4 Toon's best aerial.

-Fair's IASA window allows you to mash a nair before you land your sh to only have the nair lag instead of the horrible, horrible fair lag. Link's fair is really strong as well, but can land with barely any lag.

-Uair doesn't kill as early as it does in Brawl, I think. It's long-duration, and can outrange LOTS of dairs. It's also really good against people spamming stall-and-fall dairs (e.g. Greninja, Toon, ZSS, Sheik, Bowser.) It can also outrange the Bowser Bomb if people are spamming it. Not too sure about Yoshi, haven't pulled one off against him.

Uair is the only aerial that I'm very sure is better than Link's. Toon's uair kills much earlier than his.

-Don't use dair. It's only usable in very weird situations.

Toon's bombs are more prone to exploding-- Link's are sturdier. I don't know if this is better or not, because I've always been only used to the bomb exploding all the time.

Boomerang is godlike. hitbox all the way through means you can trap people or protext yourself with this long-ranged, angle-able, long-duration hitbox. I don't know all the Link windbox gimmicks, so Link's, again, may or may not be better.

Arrow.... ehh.... it used to be usable in Brawl because you could quickdraw, which cancels all of the arrow startup lag (allowing you to really spam arrows). You can sh arrow for a quick projectile, but Link's is definitely better when charged (so goddamn fast. And you can snipe with it.), and Toon's is better when uncharged. Toon's arrows kinda angle up before going down again, but Link's just drop straight down, lol.