This is a ranked method that's different from instant runoff, with its defining characteristic being that the winner would beat every other candidate in a two-way race. The biggest downside is that determining the result is more mathematically complex than other methods, which makes it harder to explain and might lead people to mistrust the result.
Condorcet methods benefit candidates few voters hate, which is the inverse of the current and past two US presidential elections. Given a situation where two dominant parties run widely unpopular candidates, a Condorcet method would create a very strong probability that any palatable third-party candidate wins, though over the long term a system using such a method probably wouldn't have two dominant parties.