For starters, you need to understand that from a networking perspective. Bridges work just like a switch. When you create a bridge, and add to interfaces together, you are saying that those interfaces are link together as if they were plugged into a same switch. This commonly referred too as a layer 2 device.
With that understanding, a bridge filter controls the type of traffic allowed on the bridge. For instance, I I want to set up a filter rule to block all ping traffic to any device on the interface, then I would setup a bridge filter to all icmp packets and drop them.
IP filtering filters traffic based on a specific interface or IP. It is what you would normally use to allow or drop traffic too and from a single IP subnet, Host or interface. IP traffic is commonly referred to as Layer 3
So why would you use bridge filters instead of IP filters? Not all traffic is IP. Broadcasts, like ARP, DHCP and other kinds of traffic like that are layer 2 and would not be blocked by IP filters.
There are no performance benefits from either approach, but for simplicity, I would use IP filters unless you had a specific reason for bridge filters.