The difference is that Cloudflare has their own high quality network and PoPs everywhere, so the quality is generally even better than P2P.
This is my experience, we are a fully remote world-wide company and we recently migrated away from Tailscale to Cloudflare and it has been much better.
Peering in Europe is such a mess that even Cloudflare can be pretty bad. Sometimes you have to manually calculate "okay, there's a colo in this particular city that will force the correct route if we proxy all our traffic through it ..."
This is my experience, we are a fully remote world-wide company and we recently migrated away from Tailscale to Cloudflare and it has been much better.