The advantages of using indirect immunofluorescence over immunohistochemistry is the use of more colors (Multiplexing). Fluorescent dyes allow separate identification of co-localized targets. Easier to visualize rare and high abundant targets on the same slide. Finally, there are fewer steps (no step for substrate addition).
However, the disadvantage of immunofluorescence over immunohistochemistry is susceptibility to photobleaching. Exposure to light may diminish fluorescent signal over time. Chromogenic stains are more resistant to photobleaching than fluorochromes.
Sometimes if you are working with new antibodies and you do not exactly know what is the real signal and what is autofluorescence it makes sense to check the specificy with DAB- immunohistochemistry. Later when you know what is what you can switch to IF .