Martin Splitt of Google gave me a softball yesterday when he said on Twitter "all things being equal (spoiler: they never are), a page with CWV field data may have a tiny advantage over one without." In short, if your page has core web vitals field data, it might benefit you over pages that do not have this field data.
Yes, not every page on the internet will have core web vitals field data - in fact, I suspect MOST pages on the internet will not have core web vitals field data. Google uses techniques to estimate the other pages that do not have core web vitals field data.
Why would a page with core web vitals field data have a tiny ranking advantage? Martin explained "because the page experience is a mix of multiple signals, including CWV. If (and that's a big if) the CWV label launches, it may have a non-ranking advantage if users prefer those pages over others."
Here are these tweets:
Why tiny? Because the page experience is a mix of multiple signals, including CWV. If (and that's a big if) the CWV label launches, it may have a non-ranking advantage if users prefer those pages over others.
— Martin Splitt (@g33konaut) March 11, 2021
Lots of "if" and hypotheticals here.
To be clear, I really don't expect much of a change when the page experience update launched in May 2021.
Forum discussion at Twitter.