These are important questions, and like many questions involving the law, the answer is “It depends.” There are pros and cons to both arbitration and a traditional lawsuit in court. Arbitration can be (but is not always) faster. But faster doesn’t necessarily mean cheaper all the way around.
Is faster better?
For example, the filing and arbitrator fees can be significantly higher (at least double) than filing fees for many civil lawsuits. And, if arbitration is quicker than resolving a dispute in the court system, that may not necessarily translate to significantly smaller legal fees. Instead, a similar amount of work (discovery, pre-trial motions, and exchanging exhibits, for example) could take place in a shorter amount of time.
Arbitration can be useful if you have a dispute that you want to keep out of the public eye, though a noisy party on the other side of the case could still bring media or social media attention.
Proceeding through the court system can be (but is not always) slower than resolving a dispute through arbitration.
Can you appeal the decision?