Yes there is an advantage. They are not used for the same purpose.
Loctite is used to lock the screw in place. Teflon tape is used to prevent leakage of gas or fluid through the threads. Teflon tape will not lock the threads in position.
I've been using teflon tape for about a year now with no problems. I used to use Loctite but I tried teflon for the helluvit. No worries about creating a mess with the teflon. Ensure you're wrapping it correctly around the screw and you shouldn't have problems. Looking at the end of the male threads wrap it clockwise around.
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