It is not more accurate nor less wasteful. If you default it to false and you have 100 admin requests in the session where that variable is stored, you would have to check with the database 100 times. Because you are conflating false to mean two things: "the user is not an admin" and "we don't know if the user is an admin". Where if you set it to true or false the first time we need the information, then subsequent requests don't need to check anymore.
does not have to worry about nulls
I am used to null safe languages where there is no such thing as worrying about nulls, because not checking for null on a nullable type is a compile error, and so it's impossible to forget about the null case. Maybe it's why I don't see any issue with using them.