Wraps, as others have stated they are easier to fletch / re-fletch, and having a little white in the wrap helps my old eyes determine the type of blood. Plenty of options to get wraps, I've used onestringer for years with no issues.
I did wraps for years then did a small reflective strip near the nock but the last several years it's no wrap.
I see no advantage in wraps...
I can read blood just fine.
Refletching is actually easier without wraps.
Cleaner looking arrow.
I used to use wraps but got sick of spending the extra money, time fletching and I have zero issues without them. Not using wraps are more durable, vanes stick to and stay on the carbon much better. If I hit a vane that was attached to a wrap the wrap would peel off and it was a pain refletching the whole arrow instead of one vane.
I go both ways, who doesn't like the look of color matching wraps on a set up. I also like the ease of re-fleatching an unwrapped arrow. So for most of my practice I go unwrapped. Then before hunting season I make my set and dial them in. Do what pleases you and don't worry about it.
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