I still go to SoulCycle and CycleBar when I travel and don't have access to a Peloton or as a social thing with friends or colleagues.
As a primary source of exercise, I prefer Peloton to spinning at boutiques studios. Here are some reasons why I like Peloton better:
Flexibility: I can ride any time of the day or night.
Efficiency: I've found that doing a 45 minute class at a studio takes me 2-3 times as long as it takes me to do a 45 minute class at home. When you do that 4 times a week that extra time adds up.
Metrics: I love all the metrics and being able to chase my own PRs as well as compete with other riders live it a lot of fun and makes me work a lot harder. It also syncs with Strava and others so that my Peloton rides contribute to my overall numbers including miles.
Options: My workout window is generally 5:30- 7:30AM. If I go to a studio, I have to pick from the one class that fits that time slot even if I don't like the instructor and/or ride format and/or music. With Peloton, I can pick the ride type (e.g. Tabata), instructor and music genre.
Environmental control: Cycling studios can be too hot, too cold, too windy, too loud, etc. At home I can modify those variables to what's optimal for me.
Low monthly cost: The ongoing monthly cost of the Peloton subscription is $39 vs. a typical SoulCycle class that's $30 and CycleBar class that's~$20. Thus, Peloton is generally cheaper if you do two or more classes.
Equipment: I hate getting to a class to find out the bike has issues or the pedal is loose. With my own bike I have it dialed in the way that I like it.
Peloton Digital App: the app is included with the subscription has content for a lot of non-cycling workouts like boot camp, strength training, meditation, etc. and you can share unlimited profiles with friends and family.
Let me know if you agree or have other pros and cons for Peloton or boutique cycling!
One of the things I didn't mention which is a difference is that at a studio cycling class you are in a very crowded space with lots of other people. During flu season I get a little concerned when I'm near people who are coughing, sneezing, etc. Currently with the Corona virus scare, I'm happy to be riding in the comfort of my own home rather than with a large group.