I've used a drop down terminal before and I find the position convenient. I can never lose it among other windows and it's always on top. If I want to see below, I just slide it back.
Your point is correct, it is functionally nearly identical. Since the terminal is arguably the most important or most central piece of software, I do find it convenient to always have it in the same place and to give it priority over other windows.
This is definitely a matter of opinion, I do admit