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Great way to camp, maybe the best way.
To me, the advantage is you can get further away from civilization more quickly and with more gear than any other method of camping except maybe using a float plane. You can access lakes and rivers where motorized boats can't go because there are no boat launches and no roads. All you have to be able to do is paddle or portage your way there.
There are two lakes I use for all my canoe camping. One is about 10 miles long. There are no roads near it except the southern tip. So we put in the canoe at that end and paddle 10 miles up to the north end which is very remote and completely devoid of other people. The other lake is about a 5 mile hike into the back country and there are no roads except a very rough dirt road where motor vehicles are prohibited. We hire a horse drawn wagon to haul our canoes and kayaks out to it and then paddle the rest of the way. These are both pretty large lakes for having such little access. Most remote lakes are just small ponds, most big lakes are overtaken by tourism and roads. But if you look you can find them.
There are some even better places in northern Minnesota and all over Ontario Canada. Places you can put the canoe in the water and just go thousands of miles where people can't reach by motor boat or car or even hiking.