As of Blender 4.0 the original Python PLY import/export will be deprecated in favor of the new C++ modules. These modules are a great deal faster (at the moment) but nowhere near as source-friendly as Python. Due to the flexible nature of the PLY format, compatibility with Blender has remained an issue. Our open-source Python Addon is currently the most compatible and flexible option for ‘nonstandard’ models such as point clouds.

Any additional data in the PLY file is also parsed into usable Blender Attributes (thank you Katherine Jarvis!)