For sr-iov to work your cpu, mobo and nic need to support it. Did you enable it in the bios ? In that case different iommu groups per port will be created and your passtrough should indeed work.
The only advantage is no overhead and maybe some hardware offloading features. But with a 1gbit nic there will be not much overhead, if at all. Just make sure to use virtio if you go with the bridge way.
Whats the setup for ? In case you want to emulate a firewall e.g pfsense it would actually make sense, otherwise there is no real benefit.