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I know third person is: recount all experiences and feelings/events of the story, and is not recounting their own experience. they are an outside view.
Third person lets you not always be in the same character's head all the time, having to see things only through their eyes. You can say, "There was a basket in the corner, but Sarah did not see it, as she was too busy thinking about Chad." Whereas if you said, "There was a basket in the corner, but I didn't see it; I was too busy thinking about Chad," your reader would go huh? how did she know about the basket if she didn't see it? (Lame example, I know.)
Third person is also really good for putting distance between the reader and the character in high-emotion scenes. For example, if the character is getting raped/going through depression/just had a loved one die, it's uncomfortable and almost a little annoying to the reader to have to be in the character's head while he/she is going through it, y'know? Using the third person kinda makes it more bearable, and even more powerful.