I've only tried heat shrink TAPE once and I wasn't happy with the results. I use tubing.

The only advantage I can think of for the tape is to put it over wiring that already has terminals, plugs, or other connections on both ends. I will admit that I have more than once set up wiring on both automotive and computer gear with plugs on both ends that were too large for the heat shrink tubing to slip over, only to find the piece of heat shrink tubing sitting on my workbench. Oh well, take one end off, slip the tubing over the wire, reinstall the end and then shrink the tubing.

'57 GMC 102, Original 347 V8, HydraMatic, 3.08 rear gear, added A/C, disk front brakes, HEI, AFB carb, '98 Honda Black Currant paint. T-boned and totaled 10/12
'52 GMC 152 Stake Bed, Original 228, SM420, added A/C, HEI, disk front brakes, '67 Chev 3.55 rear gear. Gets used as a real truck.