The single best reason to choose this over Aquaphor: it has no lanolin.
Lanolin is a genuinely common contact allergen — the American Contact Dermatitis Society named it Allergen of the Year in 2023, and roughly 3% of patch-tested people react. CeraVe's ointment gets the same occlusive benefit from 49.5% petrolatum without it.
Petrolatum cuts water loss by over 98%. That is the mechanism, it is well proven, and it is what makes any healing ointment work.
The added ceramides and hyaluronic acid are a reasonable bonus — they hydrate as well as seal.
Less greasy than Aquaphor, which most people notice immediately.