@Mike-And-Jane0,
IMO, the main Airbnb protections that a host misses from taking a direct booking from a repeat guest is the reviews that the parties can leave for each other on the platform. Other than that, a host has better protections from a guest's potential poor behavior by handling the payment transaction with access to the guest's credit card and ID at the time of booking or check-in. The host gets to avoid sub-standard ABB customer service, has the flexibility to easily adjust rates or add fees for last minute changes or requests, e.g., pet fee, equipment rental, addition or reduction in number of guests, change in amount of space to be used, etc.
It has been stated for years that Airbnb's Host Guarantee/Air Cover have fallen short of helpful for both guests and hosts. Host should have home owner's or some type of business insurance for their STRs, and guest should purchase travel insurance to protect their travel investment (and possibly rental insurance for long-term stays, because a host's home owner's insurance will not cover the guest's belonging).