This video from the Guitar Geek covers it pretty well. My own opinion is that Fender's target market for these is the player who absolutely will not consider a Squier, but who is on a tight budget that won't quite stretch to a Player.... basically the 2025 equivalent of those in the early 90s who couldn't afford an American Fender but would buy the bottom-rung Japanese Fenders because they were Fenders. (Easy to forget now that since they became much harder to get hold of in the West the MIJ/CIJ Fenders are highly sought after, but at one time they were "only" the MIM of their era.)
Spec-wise, though, these are basically the old Mexican Standard spec, except with a two-post trem (I have a minor preference for the six-screw myself, but that stopped being a dealbreaker when Fender put the traditional-style saddles on the two-posts instead of the UAF block saddles like on my old American Standard. I've never wanted to switch them out on that because I've kept it all-original, but they really are ugly....) The 21 frets is great - I *wish* the Player series had 21 instead of 22. I never use the extra fret, and I don't like how it looks. Some (most of whom would likely never noticed the difference had they not been told) have sneered at the body being poplar, though Fender used that widely on its Mexican guitars from the mid nineties for about a decade.
Looking at the elements of the spec on these that are different than the Squier, I think they're worth the extra - I'd likely buy one (though I'd maybe change the tuners for Fender's vintage-style drop-in replacements - Pro Gear? purely for aesthetics) but for the limitations of the range. The Squier CV is a great guitar and would be the obvious choice if the cash difference matters, and/or you desperately wanted a more vintage-specced guitar.
The only thing stopping me picking up one of these Standards is that there are no left handers at all in the range. I'm actually more disappointed in this in relation to the basses. Eventually I'd like to be able to pick up a P and a J from the Player range, but the Standards would do just as well for me... plus the Standard J has the added bonus of a maple board with *dots* being an option. I'm well aware left handed guitars area minority sport, but it's amazing how many things Fender could have sold me over the years if they had been an option. As it is, I've increasingly been buying Fender-influences instruments from other companies.