Not my arts of expertise but from other comments I've seen it looks like it's comparable to Russia's fighters in most ways. The advantages are that it's compatible with a large variety of nato munitions that were previously unavailable and some of those are available in large quantities.

They're also interoperable with nato radar systems so the pilot can get data right into the cockpit from other aircraft as well as ground based radar. This should allow them to "see" enemy aircraft from hundreds of miles away.

Other than that there's nothing an f16 can do that Russian fighters can't. It's an older aircraft. But even just as a launch platform the benefits are huge.