There are many benefits of cloaking links. Best of all, it increases the value of the site and the site remains secure even from the penalty of the search engine. Also, it is good for the visitor as well. Let me tell you about it point by point.
The most important metric is that your site is saved from Google penalty and the ranking of your site in the search engine will not be reduced.
Whenever you use a cloak link on your site, the visitor will not feel that you are getting any commission from this link.
Using affiliate links directly has a bad effect on the site and after cloaking it, this problem is solved.
The link of many affiliate products is ugly and there is a problem in remembering it.
You can make it better and smarter by cloaking links.
Your reader will not know about it and they will consider it as a simple link which will get you more sales and earn more from your affiliate marketing.
If a visitor later wants to buy an affiliate product through your side, then he can easily remember its URL.
There is a rescue from the SPAM affiliate service.
Many times the affiliate commission gets hijacked and we do not get any bebefit of that sale.
This helps to avoid being hijacked to a great extent.
By cloaking the links, your gender will have a branded look. I mean you can avoid inverted links and the look of your blog will be better.