FLV is a relic of the Flash era: the format YouTube grew up on, stranded when Flash died. It was born in 2002, Macromedia (later Adobe), for Flash Player, and its real weak spot is playing anywhere at all since Flash was switched off in 2020.
MP4 is the world's default video: the file that plays before anyone has to think about it. A container, most often carrying H.264 or H.265 video with AAC audio. That makes it the right destination when what you need is playing everywhere: browsers, phones, TVs, editors, slide decks.