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If you're heavily invested in the Microsoft ecosystem, it works well and has strong integration with Azure services. There are a lot of policies that you can add like in outbound/inbound processing you can add strong security capabilities like IP filtering, limit call rate, mock responses, set query parameters, set headers and other more comprehensive features that you're looking for additional validation. It has a built in structured developer portal wherein you can publish and manage your API products.
It integrates with Azure Services like Azure Functions, Logic Apps, Event Grid and Key vault making it easy to secure and scale our API Ecosystem.
Integration with the Graph API, using either the explorer, Powershell, or other tools like Postman. Ease of use for setting up SSO for applications old and new, using either SAML or OIDC User and group based access, making integration with onboarding and similar services a breeze.
The setup can sometimes be difficult if you don't have plans or didn't setup a good architectural design esp for new users. Sometimes the configuration requires more time to test.
Azure API Management experienced downtime which affected our Apps
Documentation can be a bit misleading, typically requiring a second opinion from other sources or guides. Error messages do explain what is happening, but are surrounded by enough noise that a regular end user has trouble understanding what the message means or communicating it to us. Some configuration options for OIDC have be set via the manifest instead of through an applicable app registration or enterprise application page.