100% peds guy here. I always had the same questions during training and never really got a straight answer. Ultimately I realized it was a combination of institutional culture, familiarity/comfort with "the way things have always been", and the pharmacy practicalities of what volume and concentrations the vials come in. For example, at one of our big hospitals hydromorphone comes in 2mg/ml 1ml vials. So if I'm wanting to give 5-10mcg/kg then I'm frequently doing dilutions or drawing up something like 0.05ml (0.1mg) in a 1ml syringe. A lot more room for errors there. Morphine at the same hospital comes in 2ml 2mg/ml vials so for the same size child I can just give the full 1ml (2mg) and call it a day.
I don't have a strong preference for most kids. If dilaudid is in my Pyxis/Omnicell I will use it 90% of the time. If I'm at a surgery center and they only have morphine I'm fine with that, it's not worth making a stink about it. Teenagers I definitely prefer dilaudid because I feel like once you are going above 4-5mg of morphine you are far more likely to see some of the dirty side effects like excessive pruritis and vomiting. Although you get that with any narcotic sometimes.
I'm glad to see the study cited above. Their findings seem to match my general anecdotal experiences, although I think for otherwise healthy kids it's probably fine to use either one.