While the STL-format can only describe your object aproximatively by those well known triangles, OBJ-files can describe parts of your object parametrically by curves. This can lead to a higher precision and be a huge advance with regard to scalability. Which data format to choose depends, as always, on the application and the processes it contains. E.g. if you want to print large objects, you might consider the OBJ-format if your slicer can translate it to usable g-code.
You might want to read this article on All3DP to get a brief overview.