You almost answered your own question, in terms of practicality. Acrylic paints are more durable, resilient and more expensive paints. They thin with water, clean up with water, just as latex (as in the house paint sold by the gallon at Home Depot or Lowes) but just as mentioned by others, latex paints are mixed down using vinyls, making them more porous and less durable.
Many commercial paints make claims about durability and performance compared to other latex based paints, but will never compare their products to an acrylic or oil based paint. The main difference is the outcome of the different applied paints. Oil has the most durable finish, most resistant, while also being the least flexible; acrylic is next, then latex.
You may have noted differences in prices between the different bases for latex, especially between that of base flat, and high gloss bases. High gloss contains more polymers, more acrylic, and simply put has more "in it" which makes it a high gloss. Adding durability costs money, and it usually reflects the things a company has to put into the paint in order to raise the quality. There are more ways to add "durability" today than simply raising the % of acrylic in the mix.