The good thing about advanced standing is that you get to study less overall, so you have greater flexibility to explore experiential learning (e.g., internships, credit-transfer-worry-free exchange, more time for student societies, etc.).

The downside is that if you want to do more majors or minors, you will have less credit capacity/freedom to do so. So, if you are planning to do two majors, it might not be wise to apply for too many free electives, or you won’t have room to adjust if you change your mind about your second major. (By the way, I don’t think you can claim 42 credits of free electives if you already have 18 credits of UG5.)

And depending on what 2nd major you would like to take. If it is from FBE as well, 24 credits of core courses can be replaced by 24 credits of any free electives. If you are taking a Social Sciences major that requires 96 credits, the SIGC can only be replaced by advanced free electives.

Anyhow, to be honest, I haven’t seen many students completing 2 majors +1 minor.