There are reasons for and against low profile tyres.
Much like 26″ vs 29″ bike wheels the larger overall circumference has advantages. Better grip, better over rough surfaces and on cars larger wheels do have an aesthetic appeal and the trend is also backed up with low profile tyres.
While you can do large diameter with any profile as you go larger then the tyre sidwalls would need to be larger and need more rubber and take away a lot of the suspension control from the car designer and put it at the mercy of the tyre designer and the customer maintaining the correct tyre pressure and buying decent tyres. There is a lot more freedom in road car suspension design over F1 so there is the scope to sort the suspension for low profile tyres and have a much more consistent system. So that is probably a win for low profile.
Weight wise you need a stiff sidewall in a low profile tyre but the length is much shorter so stiffness greater but the circumference of the bead section is greater and the wheel rim has more metal further out due to the larger rim circumference so that is probably a win for high profile tyres.
Rim damage resistance and ride on poor surfaces is a clear win for high profile IMO.
Looks – low profile win in most cases.
so far 2 all.
F1 have very tight packaging requirements so suspension has to take up as little room as possible. Also lots of travel means more wheel angle change which has to be designed out. Their tyres are very tightly controlled and it’s designed as a complete system and used on very smooth tracks. Pretty much the only advantage of a low profile set up on F1 would be the ability to run larger brakes for better life/dissipation as I am not sure they need more power wise as they can already run out of grip and faster speeds into corners = less time for outbraking manoeuvres and potentially worse crashes if something goes wrong.