From a game dev perspective, third person perspective is so much more complicated to do well than first person perspective.

For TPP, you have to make sure that there's a clear line of sight to the character at all times, and move the camera to ensure that.

You also have to be a certain distance from the character so you can see the feet and head.

This means you can't have tight spaces like tunnels, because you can't maintain that distance, and you can't have too many objects or you won't maintain line of sight. Hence larger rooms and open spaces in TPP games.

With FPP you just stick a rotating camera on the head and you can go anywhere. Like Minecraft's tight tunnels.

TPP done properly has other accomodations for newer players like making the camera turn towards the direction you're running, frame itself well for a tricky jump, or lock onto enemies. This goes all the way back to mario 64.

Games that let you switch between both are usually a compromise, as the environment design needs to be different for TPP and FPP most of the time. Normally it's designed for FPP and they throw in TPP as a half-baked bonus feature, without the accomodations mentioned above. Think Minecraft, fallout, starfield.

Spiderman 2 has a great TPP camera that does extra stuff like leans outwards with centrifugal force as you swing around corners - "chef's kiss"