Why the angles stay wide
In an IPS panel the liquid crystals lie flat, parallel to the glass, with both electrodes on one plate. Voltage turns the crystals within that flat plane instead of tilting them up. Because they never tip toward or away from you, the light looks about the same from the side as from straight ahead, and color shifts at an angle are small.
That matters on a desk. Sit 31 inches (80 cm) from a 27-inch (69 cm) 16:9 monitor and its edge is 20 degrees off your line of sight. Your eye meets the edges of the screen at a real angle, so color and brightness have to hold up there.
Contrast, IPS glow and IPS Black
The price of those angles is native contrast. A typical IPS panel sits around 1000:1. With a 300 nit white, that's a black of 0.3 nits, which looks dark gray, not black, in a dark room. IPS Black panels roughly double the contrast, to about 2000:1, or 0.15 nits of black at the same white.
IPS also has a quirk called IPS glow. On dark content the corners show a silvery or warm haze, because an IPS panel blocks a little less light when you view it from an angle. The glow shifts as you move your head, which tells it apart from backlight bleed, which stays where it is.
Where IPS fits
IPS is the common pick for color work, mixed office use and screens that more than one person looks at. It costs more than VA or TN at the same size, and fast gaming versions exist. Compared with VA, dark transitions are quicker.
It's the weaker choice for a dark room used for movies, where VA or OLED shows deeper blacks. A Mini LED backlight behind an IPS panel can close some of that gap, though blooming then shows up.