Well, you definitely won't gain any quality if you're transcoding from a lossy format. You also wouldn't notice the difference in performance, but you might notice it in battery life.
If you're transcoding from FLAC, I think your best bet nowadays is just Opus, really.
The idea is rather that someone with a large FLAC library, who has already transcoded some of it to MP3 for listening on a portable player, has little interest in transcoding their FLAC files to Vorbis again.
The battery life of an MP3 player, even with a ten-year-old battery, is still more than ten hours of continuous playback regardless of the format, which is more than enough.
The real limiting factor is the maximum size supported by microSD cards. If the player wasn't limited to 64GB, I wouldn't even bother transcoding.
If you're transcoding from FLAC, I think your best bet nowadays is just Opus, really.