In terms of design principles, it's important to recognise that an explicit junction table is the most general solution for expressing relationships between tables.
But under certain constraints, what would be the contents of the junction table can be folded into one of the base tables as additional columns. This may entail performance advantages and space savings, though probably too few to mention.
The real saving is probably for the programmer. Jettisoning a separate junction table saves one name in the namespace, saves maybe one join per query, and saves analysis on coordinating access to (and integrity between) three tables instead of two.
For tables storing master-and-detail or header-and-lines type data, in which one logical record has to be split over two (or more) tables to accord with the purely tabular structure of the relational model, then adding an extra column to the subordinate table in order to link it back to the superior table, is the lightest touch possible to create the links between the tables. Creating an explicit junction table to express these links, with its separate name and existence, would look very heavyweight indeed by contrast.
But in many other cases, a pair of tables may not be seen as containing one logical record, but as containing two separate records, any links between which are external to both. And there may be no natural hierarchy between them either, as there is with header-and-lines tables.
For example, data which expresses which personnel are married or partnered, would normally be seen as a kind of link which is separate from the data about the individuals, and more worthy of a "MarriedCouples" or "Marriages" junction table, than having a nullable "WifeId" column. To make the distinction real, it's the difference between having a separate marriages roll, and having a birth certificate with empty fields onto which any details of a marriage partner are later recorded.
So my advice on this question, where the two alternatives for database design exist, would be to look at which alternative seems to accord more closely with the underlying conceptual model, and whether the links appear to be a first-class concept separate from the things being linked, or whether the links are purely a product of the structural principle of the relational model in which everything must be a table.