Long actions can normally be modified to allow short cartridges (.308, .223, .204, 22-250, .260). Sometimes no modification is even necessary.
Short actions will only accept short cartridges (not 30-06 or .270, for example) because the bolt will not open enough to allow the longer cartridges to feed up from the magazine.
Some shooters prefer long actions for the .260 so as to allow longer bullets or cartridges longer than standard overall cartridge length.
Originally, all Savage bolt actions were long actions.
Axis actions are all long action, only the magazine and stocks are different to allow for short or long action mags.
The advantage of long or short is in the eye of the beholder, I guess.
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