Now, as for your question, I believe this node was ported from UE4.26 (I left the If node in my project that I migrated from UE4.26 to UE4.27), so it is not supposed to be added in UE4.27.
I think at some point they replaced the “If” node with the “select” node, but the functionality should be the same. If you select bool as the condition and then select your different output types it will be similar to the picture.
I was thinking the same as the Select is also suggested when you search for If.
From a user perspective it seems to do the same, except for the wildcard inputs (that crashed UE5 for me once), but I wasn’t sure wether it was any different in code-behind / performance perspective. Maybe you are right, I was just curious wether there was any difference between the two, but maybe they want to replace it and it’ll become obsolete soon.