Splats can indeed come with view dependent colors to represent lighting, reflections… Those are captured in values called spherical harmonics of different levels 0, 1, 2, 3 representing different aspects like diffuse, directional lightning, highlights… Not all splat reconstructions come with spherical harmonics though. And they add rendering overhead.
Besides spherical harmonics splats are also good at representing high frequency detail that is harder with traditional meshes: Hair, clouds, vegetation… notice how trees in these reconstructions already look much better than in google maps / earth 3D views.