a fixed orifice is simple and cheap, but has the downside that it will always bypass that flow, even when it is not needed for minimum flow protection. In some cases, it will actually mean that you don't get the flow you need for your process, because there is too much being bypassed.
control valves
have the advantage of variable flow, so no more flow is wasted than necessary, but are more complex and require more instrumentation
automatic recirc valves are self contained and therefore less complex, but require someone with some knowledge to size and apply, and are typically not as flexible for changing operations.