It depends on application.

The current WiFi standards are highly suitable for high bandwidth tasks, like streaming videos, making calls, listening to music, and playing games, on a limited number of client devices, such as smartphones, PCs, laptops, and tablets. However, WiFi is not ideal for situations where numerous devices need to communicate ad hoc, requiring low power and excellent signal penetration for longer communication ranges, even in unfavorable conditions. Since WiFi operates on a frequency spectrum that is relatively susceptible to obstruction and absorption by obstacles, it is not suitable for IoT applications. Additionally, supporting high data throughput demands significant power consumption, which is unnecessary for IoT applications.

On the other hand, with advance spread sprectrum and chirp modulation technology which resulted excellent link budget and immunity for interference, LoRa is designed specifically for, and making it ideal for Smart Home applications. However, WiFi development continues at a fast pace, and the newest WiFi 6 standard devices are now available, providing faster speeds, better reliability, and increased client density. This implies that WiFi Smart Home devices could begin to compete with technologies such as LoRa and Z-Wave, but upgrading your WiFi infrastructure is necessary to achieve these enhancements.