The real power of using matrices for graphs is that you can use Linear Algebra to process them. Instead of "edge and node" thinking, LA brings the power of matrix multiplication and semirings to graph algorithms. Instead of working about edgelists, hashmaps of visited nodes, thread pools and when to fork or not to fork, by using a standard like the GraphBLAS you can just express an algorithm as a system of matrix operations, and the underlying library can choose how to run it, and on what hardware.
For example, the current state of the art GraphBLAS implementation is SuiteSparse:GraphBLAS, has a JIT compiler that runs graph algorithms on a variety of CPUs and CUDA GPUs. The same sparse deep neural network inference code that is a few lines of Python can run on a chromebook all the way up to a large GPU system with no changes, the only difference is the size of the graph and the time it takes to process it.
As graphs get into billions and trillions of edges, writing algorithms by hand that target different architectures gets extremely difficult and tedious. Future versions of SuiteSparse have a lot of exciting feature planned, including operation fusion and distributed processing. Retargeting hand written algorithms will be a thing of the past.
One of the best parts about the GraphBLAS is that the graph really does have a "type" in the programming language sense, it's a Matrix, and the same operators and operations you expect to work are there. There is great support for both Julia and Python at the moment for beginners and data science oriented folks to dive in quickly.
Here's an interesting paper on how to express centrality algorithms like PageRank and Triange Centrality (disclaimer: I am one of the paper authors):
https://www.researchgate.net/publication/356707900_The_Graph...
I also created an introductory video some time ago explaining the very basic concepts: