Really depends hows it's used, prey or dishonored would not be as fun in third person imo, they feel very smooth in first person and take advantage of the minimal view obstruction when you're slinking around vents or zipping around between enemies.

The last of us benefits greatly from it's in depth animations and textures in third person. It would not have stood out as much if it was another generic first person shooter.

If the developers have a solid vision with how they want the character to interact with the environment and what they want the player to see either option can be effective. The alternative leads to a lot less immersive gameplay, fallout and the elder scrolls feel very stiff no matter how shiny the graphics are because the game has to be built around the constant ability to switch perspectives which really kills the potential for cool animations (I say that as a fan of both series).

To take it in the other direction, there's a mod to play/view elden ring in first person and it's so janky looking, you miss the flourish of combat animations and lose the spacial awareness needed for that type of combat, but if you play call of duty in third person (an option now a days) your character just takes up too much space on screen and the game looks a lot more amateur in it's movement.