The article below has some information on the image sensor design choices and benefits. The noise reduction may be better due to larger sensor and larger pixels.
There is an excellent article in Japanese in Video Salon that provides details on the Z1 development and technology.
Key sections are translated below.
The original THETA was releated six years ago.
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From the right Yusuke Shimizu
SV Business Headquarters THETA Business Unit THETA Development Department Planning Group (Product Planning)
Mr. Hiroyuki Sato
Optical Technology Application Research Center, Optical System Application Research Center, Innovation Headq…