You ask in a Matlab forum about the benefits of Matlab. Of course the answers will be biased, because most Matlab users use Matlab. The question itself is biased also, when you start with Matlab beeing preferred and the statement, that "matlab has an edge over other model based tools". This sounds like a cheap advertisment and in a LabView forum this would look like spam.
I prefer Matlab because of the exhaustive and clear documentation and the excellent support from the community and the staff. For my professional work I need a stable system and compatibility between different platforms.