any advantages or major differences in functionality [compared to] a TrueNAS target.
Lacking a TrueNAS target, I can't comment on the differences or relative advantages.
An important advantage in my view is GPLv3 for PBS. Another important benefit for me is that PBS runs on top of Debian.
TrueNAS allow you to deduplicate your backups via ZFS, does it not? Does that work for encrypted backups? PBS deduplicates your backups. In our home environment, PBS holds five backups of a container that grew from ~1.5 TB to ~2 TB; all together they take about 2 TB of space. I can browse and cherry pick files from the backups, as I imagine you can on TrueNAS.
PBS integrates into PVE nicely, being aware of the featureset of PVE.
I used to manually interface with a tape drive, keeping administration in separate files. PBS integrates tape backup.
I just added a node to PVE which I let double as second PBS, to see if its "remote" functionality gives extra ease of mind, or 'only' extra things to play with.
To let me learn something new: what would you consider strong points of TrueNAS?