I have used most types of substrate at one time or another, and I will have to say I still like gravel for some applications and sand for others.
There are some miss conceptions and specific aspects that are not considered.
1. Gravel in most other disciplines starts at 2mm average grain size up to >50 mm
2. Sand typically starts at 2mm and goes down as far as .06 mm
3. The porosity of the substrate depends not only on the average size of the particles but also on the range of particle size. A large variation of particle sizes significantly reduces the porosity of the substrate. Low variation of particle sizes increases the porosity of the substrate.
4. The overall porosity is greater with larger particles than smaller ones but can be influenced as above by the range of sizes, a gravel with high variability in particles could end up with less porosity than a sand substrate with uniform particles.
5. Porosity affects the migration of waste, and oxygen through the substrate, more porosity means the waste gets deeper sooner, and also means more waste can be trapped, but it is also easier to remove. On the other hand less porosity means that less oxygen can be transported with the water and can lead to anoxic conditions, and the generation of H2S. Generally the more porosity the deeper the waste can go but also the deeper the aerobic bacteria can live effectively breaking down the waste.
6. Larger particles settle sooner. This is mostly a consideration for people with a HOB filter, because the filter impeller is before the filtration proper and when you get into finer sands this material can get caught between the impeller drive housing and the permanent magnet on the impeller, and between the permanent magnet and the spindle, causing wear and binding. Most canister filters have the drive after the filter and intank sponge filters really don't care.
7. Most sands and gravel are inert, silica based, but some have some unique characters, seachem Florite is partially magnetic, aragonite increases GH, KH, and obviously pH. Sand with magnetic particles is particularly bad for HOB filters because it is difficult to remove from the impeller drives.
8. Regardless of particle size the abrasiveness of the substrate is primarily determined by the angularity of the particles, a smooth pea gravel will damage fins and skin of the fish less than a highly angular sand such as construction sand created by crushing rock.
Overall there is, in my opinion, nothing fundamentally wrong with gravel or sand they both have been used successfully for years, and will continue to do so. Some flora and fauna might do better in one than the other, but this shouldn't mean that one or the other is overall a bad choice. The choice should be made one what works for you and your plants and animals. I currently have one tank with gravel, 1/8 inch to 1/16 inch (3.5mm to 1.5mm), which has been my personal size of choice for years. And, one tank with sand 0.2 mm to 1mm which is heavily screened (I screened it) play sand. Both seem to work for me.