To the best of my knowledge, most of the limitations are around allocation. NTFS doesn’t allow for extent-based allocation, delayed allocation, uninitialized allocation, etc. It only has one allocation mode, which is the traditional block-at-a-time (actually “cluster”-at-a-time, though NTFS’s clusters are roughly block-sized compared to other filesystems), which is now thought to be slightly less than ideal in terms of allocation performance and fragmentation.

And…speaking of fragmentation, I believe NTFS still can’t do online defragmentation??? I can’t see anything that contradicts this, but it’s possible I’m out of date.

There are other small differences. NTFS has unnecessary filename restrictions, like prohibiting " and ? and things. But that’s typically less important.