The choice of employing CB-SEM or PLS-SEM is not discretionary, rather it depends upon your research objectives. If you want to develop a new theory (exploratory research), then PLS-SEM is preferred and if you want to test a theory (confirmatory research), then CB-SEM will be better choice. Look up your objectives of research that will assist you in deciding.
This choice is indeed a complex one. I would recommend checking out this paper for a systematic comparison:
McIntosh, C. N., Edwards, J. R., & Antonakis, J. (2014). Reflections on Partial Least Squares Path Modeling. Organizational Research Methods, 17(2), 210-251.
I am extremely skeptical that PLS-SEM is a useful technique. It certainly does not seem to be SEM in the formal sense. See attached for discussion of a paper that discusses the two approaches.
Both can handle higher order models. It is not about the order of the models that determine whether you should use Pls-SEM or full SEM.. It is the type of you study whether it is Exploratory or Confirmatory. For Exploratory studies - you employ Pls-SEM, and for Confirmatory studies - employ full SEM.
Hey to further shed some light in the discussion of PLS vs CB-SEM , see
Rigdon, E. E. Choosing PLS path modeling as analytical method in European management research: A realist perspective European Management Journal, Elsevier, 2016
Sarstedt, M.; Hair, J. F.; Ringle, C. M.; Thiele, K. O. & Gudergan, S. P. Estimation issue with PLS and CBSEM: Where the bias lies! Journal of Business Research, 2016, 69, 3998-4010