If it was me, I wouldn't use just SOCKS, but SOCKS over WG (or some other VPN or SSH). Advantage of SOCKS over just SOCKS-less WG (or other VPN) is that it's easy to configure it selectively, e.g. I can have just one web browser (or other software with SOCKS support) use it, without influencing anything else.
The "Persians Socks" WG has appeared a few times...got me thinking about SOCKS5. Another element is if your upstream internet is over a WG VPN already.... SOCKS5 might actually have some advantages to "automatically" deal MTU/re-fragementation too since SOCKS is going to package up the request directly on the MTU of WG, vs being managed by PMTUD / mss-adjust / change/fix interface MTUs / etc... Fixing MTU isn't always easy. While clearly not using SOCKS5 for performance, it's possible SOCK5+WG might not differ much from IPv4 connection, at least in some cases. If it avoided fragmentation, SOCKS5 could be faster even, especially if the remote WG "internet end" was close to the destination address, NAT'ed to IPv6, etc.
To @Sob approach.... You do have some easy measure of control if you web traffic flows though SOCKS5. It's been 20 years, but
WPAD+PAC file can control SOCKS5 configuration, including what to proxy and what not. So relatively easy to "push" a SOCKS5 configuration to your network clients, while WG requires manual install/configuration (unless someone used MDM/AD/etc).
Not resigning my networks to use SOCKS5, but it is a curious use case.