What data is it based on? What controls were used and how was the study set up?
As you've alluded to yourself, ethically, it would not be possible to set up such studies & control the variables.
I'm on the fence about Emily Oster. For all her claims to be data-driven, she employs a lot of 'anecdata' too (and a lot of it is exactly the same experiences we all have, especially in her new book, where she deals with screen use, phones & tech, and regularly admits, there's not enough evidence either way).
Back to breast feeding, breast feeding is best in the widest interpretation of that statement. In terms of benefits for mother & baby, including oxytocin release when feeding, helping to bond mother & baby, to the composition of milk adjusting to what the baby needs (eg on a hot day you can feed your baby & the breast milk will be much weaker, more like water. Not possible with formula, so you need to introduce water, which most babies don't like).
Very few people believe that in sheer health terms, it's better, and are aware that there are many other factors at play.
One of my friends b/f her 3 DC, and all of them were so sick till about 2 with recurring bronchitis and other respiratory conditions, regularly in hospital. Not a surprise as their mum was & is similar in terms of recurring chest infections, asthma etc.