Our requirement is to show all the record and report contents to a specific grou

There are a few drawbacks to that approach:

1) Using the conditional filter is less readable - other developers that come in and see the code will have a more difficult time understanding what is happening

2) Facets will be the same for both groups - and any attempt to change these based on user sets would need a separate Record Type

3) From a display point of view the records would also be identical to both user sets - things such as the list view details and the Record Type name will be the same for Admins and All Users

4) The filter will evaluate when you open the Record Type - this may be tougher on performance given the volume of records or the amount of users in the system

These may not all be relevant issues for your use case, but should be take in to consideration when making this decision

There are a few drawbacks to that approach:

1) Using the conditional filter is less readable - other developers that come in and see the code will have a more difficult time understanding what is happening

2) Facets will be the same for both groups - and any attempt to change these based on user sets would need a separate Record Type

3) From a display point of view the records would also be identical to both user sets - things such as the list view details and the Record Type name will be the same for Admins and All Users

4) The filter will evaluate when you open the Record Type - this may be tougher on performance given the volume of records or the amount of users in the system

These may not all be relevant issues for your use case, but should be take in to consideration when making this decision