I usually use a third-person narrative for stories with lots of characters, side stories, and multiple subplots excluding the main characters (like villains to scheme behind the MC's back). This gives me more control in deciding which part should remain a mystery, create the right cliffhanger, and maintain tension.
For example, Anne is working at a cafe, and someone steals from the cash register and blames her. Once she finds the real culprit, the narration will switch to the culprit. That will show readers how the culprit planned it, if anyone helped her, and her motivation.
With a first-person narrative, it's almost impossible to gauge another character's motivation to do something because, essentially, everything is from the MC's perspective and based on her judgment/assumptions.
I use the first-person narrative for emotionally charged stories. This allows me to convey the MC's feelings in real time to readers. At the same time, this type of narration is also good for building mystery. It allows the MC to mislead readers because memories can be distorted depending on feelings, and everything is up to the MC's interpretations of things.
I would say a first-person narrative is good for drama and suspense/thriller genres. Romantic genre works, too, since it focuses on feelings and emotions. But fantasy romance or royal court drama or high-conflict stories would work better with a third-person narrative, as it gives insights into a lot of things that happen in parallel.