There are two major advantages of SIPs - 1) they virtually eliminate all thermal bridging (resulting in a higher R value for a given thickness) and 2) they slot together to form load-bearing walls very, very quickly (compared to other construction methods).
I agree with both of these statements. The thermal bridging is a big deal. The speed of construction is nice, but less important for most people.
I think the speed of construction is a core consideration, not just a "nice to have". Simply put 'faster' means 'less labor', which goes a long way towards balancing out the cost equation. With traditional stick-frame you've got a crew framing the walls, followed by sheathing, followed by house-wrap. Meanwhile plumbers and electricians are drilling holes through the exterior walls to run the services before you can put up drywall. So materials cost less, but labor costs go up.
People look at the cost of SIP and think "hell, I could do that at 1/3 the cost with traditional materials" - and often they are right. But if you are paying a few hundred labor-hours to do all that the cost 'savings' quickly evaporates for anything but the most basic, built-to-spec homes. With SIPs you are paying for the factory to do most of these steps, and the installation costs are just a fraction.
Which puts us back to "it depends". Sloped, wooded site with a two-story insulated roof requiring a big-ass crane and three-states from the nearest panel manufacturer for freight... yeah, it's going to be expensive as hell. But for lots of houses in lots of places the cost premium is not what it appears to be.
Arguably the cheapest way to get good R-value is to build with 2x8's for the walls with dense packed cellulose or blown in fiberglass as insulation. You can even use "advanced" framing techniques which minimize lumber use and reduces thermal bridging.
For the roof build a standard gable with a reasonable pitch and fill the attic floor with a thick layer of insulation, maybe R-80.
This combined with paying close attention to air sealing the envelope and using decent and windows and not too many of them can get you far along the road to Passiv Haus at a much better price.
Air sealing is likely the most important part. All the insulation in the world doesn't stop cold air infiltration. And remember as the house gets tighter and tighter you'll have to introduce fresh air for breathing, so you'll want to design in an ERV/HRV of some sort.
Air-sealing is paramount, and for whatever reason gets lost in the chatter whenever people are discussing high-R values. A home which meets PassivHaus air-tightness guidelines but has 'just' modern-code insulation levels will have a lower heating and cooling load than one that goes much higher on the insulation but doesn't get the building envelope as tight. On paper the jump from R-60 (upper threshold of 'recommended' by EPA) to R-80 in the attic is a 33% reduction for heat loss through the roof, but in reality it's going to be almost immeasurable, because at that point most of the thermal leakage is elsewhere.
In some places and during 'normal' times 2x8 framing may be the cheapest. It wasn't when we priced it out in our region. It was actually much cheaper for us to do 2x4 and 2" of continuous exterior insulation. A 2x8" with blown cellulose gets you around R24 in the bays but around R-9 for the framing. Meh. The 2x4 will (obviously) have much faster heat transfer in the bays but less around the framing, and be tighter. In the real-world they seem to perform roughly the same. Of course an even better solution is 2x8 with advanced framing and
then 2" (or more) of exterior insulation with seam staggered. But at that point it's certainly not the cheapest build option, and also no longer the cheaper option over SIPs.
And one frustration I have with 'advanced framing' - I'm completely behind the idea. We've got over a century of data showing that 24" OC is plenty strong for everything a home experiences, particularly when stepping up to 2x6 or larger framing. But I've had argument after argument from construction folks about it's viability. ok, /rant...