The gain over keyword search is recall on paraphrased queries, which is most of how people actually type. The corresponding weakness is precision on exact strings: part numbers, error codes and clause references are exactly where embedding similarity performs worst, and exactly what enterprise users search for most.
That is why production systems rarely use semantic search alone. Hybrid retrieval runs keyword and vector search together and reranks the combined results, which captures conceptual matches without losing exact ones. A retrieval system that underperforms is very often a pure-vector system that should have been hybrid.
Codazz builds this in production — RAG Development.