Any reason not to always use Titebond II over Titebond I ...

i.e., Titebond II has the advantage of water resistance but does it
have any disadvantages for general woodworking?

Titebond II is more viscous and doesn't spread as easily. I use Titbond
I unless I need a water resistant glue. -- but then, why not use a
fully waterproof glue?

Also, even though we hope never to have to undo a bond, it's easier
with Titebond I.