A paper Travelcard has several advantages over the price cap.
It all depends on your travel needs
If you have a Network Railcard then at weekends the paper Travelcard attracts a 1/3 discount making it cheaper than the contactless/Oyster price cap.
There are no maximum journey time restrictions with a paper Travelcard which is great for enthusiasts.
However of course the peak version of the paper Travelcard is way more expensive than the PAYG cap.