From what was available online it seems that the pre-glued dowels have found these advantages of pre-glued:
1. Faster
2. No squeeze-out that might affect finishing
3. less labor = less expense (not a factor for hobby-builders)
Pre-glued requires a properly fitted dowel/hole. Pre-glued will not fill voids left from oversized holes.
While the instructions vary, most call for filling the hole 1/3 full with water. The dowel pin then forces the water up through the entire length of the hole. The water softens the glue and allows the dowel to absorb the water causing it to expand for a tighter fit.
The glue is " uncatalyzed, water-activated, PVA (Polyvinyl Acetate) glue". Once the glue is dissolved I would assume it makes contact with the mating surfaces.
For cabinets pull-out strength of the pins seems less of an issue than shear and racking forces.
I am not defending the pre-glued dowels. I am trying to learn if the advantages are offset by some unknown to me disadvantages.
So far I have not found much on the downside.