Notepads vs. /specs or /docs .md files?

Why would I use notepads feature vs. just referring to a specific .md file in a /specs and/or /docs folder. I can manage the file there, I can pass it to GitHub, I can ask AI to revise it. I assume there’s advantages in terms of automatic context or something. I get the idea of the feature in and of itself but in trying to decide if I should use it vs. my current workflow I’m confused on the real pros/cons.