Named cells/defined variables vs Addresses

Is there a general consensus in regards to whether named cells/defined variables or referencing addresses is better in formulas? Is there an impact on workbook stability or calculation speed when using ABC1_1 vs $A$1?

Obviously, there can be benefits to referencing address when *building* a sheet- being able to drag a formula across multiple columns or rows is awesome. I'm in the process of rebuilding a major tool and I'm wondering if having a sheet with dozens or hundreds of NAMEs is better than an addresses. I don't mind the better effort of replacing the addresses one by one, and documenting all of the names, if it'll have real benefits. Appreciate hearing the thoughts of the community. Thanks!