This is one area where I think the distinction is actually important!

For kids, they’re learning to read. Heavy, repeated practice decoding and interpreting printed characters is the point.

Ultimately the activity of reading changes as you get older, into receiving new information and perspectives. At that point an audiobook is pretty much at parity. But earlier on in elementary and even middle grades, kids really need the actual reading IMO.

I have a relative who vastly prefers audiobooks. But his wife has to keep reminding him, don’t let their daughter take that shortcut. She has to actually learn to read (and read well) first.