Virtual strings are great if you are grouping pixels that you always want to act the same. For example, if you have a prop that you need 3 pixels in to get bright enough for your liking, and you have 5 of those in a row. Rather than trying to set up a custom model in xlights that will always work the way you want it to, you can set up groups in the virtual strings, and then just make a 5 node string in xlights. There is an example of this in the F16 v3 Manual in Section 4.2.4.21, Example 3 at: https://docs.google.com/document/d/1S67ZVLgQRYsdqPhgfPkQucnFXvu1FmQAME9qnK5RixU/edit?usp=sharing
Many of the other features can be done in either xlights or on the falcon, but as keith said, it's generally easier and better to do that in xlights.