For what it’s worth, I use `org-ref` because fine-grained citation export with
LaTeX (using BibTeX or BibLaTeX) only works with `org-ref`, and not with
`org-cite`.

It would help if you can explain what you mean.

If I remember correctly, `org-cite` exports the formatted citations into the
LaTeX file, which is a no-go for me (let me know if I am wrong).

This is not correct. org-cite exports citation commands to LaTeX, and LaTeX does rest of the processing. I do not think there is any difference in the approach between org-cite and org-ref.

Then, for
example, it is really difficult to use different style files, etc. With
`org-ref`, I can use BibLaTeX with specific style files. (Journal require
different style files). I can even use my personal LaTeX classes (with specific
bibliography styles) for Org export.

Surely org-cite allows you to do all of this.

Vikas