The record.submitFields() function in NetSuite SuiteScript provides several advantages over using record.load() and record.setValue() in terms of governance efficiency. Firstly, submitFields() updates specific fields on a record directly without the need to load the entire record into memory. This streamlined approach significantly reduces the amount of governance units consumed, as loading and saving the full record are not required. submitFields() function minimizes the execution time and reduces the risk of hitting governance limits.
In contrast, using record.load() followed by record.setValue() and record.save() involves multiple governance-consuming steps. Each operation (loading the record, updating fields, and saving changes) counts towards governance limits, which can lead to increased script execution times and potential performance issues.