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Not much. But I heard a lot that it is way more stable and reliable. Since they are not working on multiple providers like Vagrant does (VMWare, VBox...) every function works without a complaint. It is undeniably a great way to spin up Ubuntu VMs. It has cloud-init too. So I don't think you'll be missing something from Vagrant.

I think it's a little simpler than Vagrant (iirc you can do everything from the command line versus a Vagrantfile)

I used to use vagrant and virtual box on apple. With silicone ones I switched to vmware, but the dev experience is far from good.

Qemu is what works best. Multipass is a nice wrapper around qemu.