The best way to describe split fins compared to regular paddle fins is like riding a bicycle in the wrong gear, compared to riding a fixed speed bicycle. When they're on flat road (read calm water, no current) and you're just cruising along, they're both perfectly fine. The splits will be easier to kick, but you won't go as far or as fast per stroke. The issue comes about when you start pedaling uphill. The fixed gear will move you well, but it won't be as easy, wrong gear will still move you, but not very fast and you'll be doing a lot of unnecessary pedaling. Stiff paddle fins require a certain amount of leg strength to fin adequately. Split fins don't require nearly as much effort, but again, due to less "power" in the water, making headway against current will have you finning like a mad man, but not getting very far.
Does that make split fins useless? Not at all. For people incapable of using stiff, paddle fins, they're a great alternative that allows them to dive. They are a compromise in several ways. Paddle fins are a compromise over long freediving fins when it comes to flutter kicks. Nothing is perfect. Split fins have their place, but there's a lot of marketing wank surrounding them.
Interestingly enough, the common talking point about pinnipeds having "split fins" and that manufacturers are trying to capitalize on by form of mimicry is pretty silly when you realize that none of those animals use that split fin design for actual propulsion.