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A report wizard is a quick way to create the report. You can create a report via it if you have less time. But if you want to create customized reports, it's always better and manageable to use the Report option.
Report wizard can help to create Matrix and Tabular Reports.
When it comes to layout, Stepped and Block reports can be created by Wizard.
We can also include the subtotals, drill-down reports.
Parameters can be added in the report and you have to write the query for the same parameters.
However, you can create reports like Chart, Gauge, Indicator, List, Map and cascading parameter reports with the SSRS report wizard option.