"So is strength the only non-production advantage with having a round bolt on a standard m1 carbine?"
On an M1 Carbine, the round bolt offers no real advantage at all.
It was developed as a easier and faster to make design, and the extra weight helped slow the M2 full-auto cyclic rate.
Since there was no reason to manufacture two designs, the round bolt was simply declared to be the new standard for all Carbines very late in the war.
If you're asking whether you should replace a flat bolt with a round bolt, the answer is NO, because there's no advantage, plus bolts are not just "drop in" they have to be checked by a gunsmith with head space gages to be sure the replacement bolt is compatible.
Plus, the flat bolt is probably the original bolt, and is more "correct" for a WWII issue Carbine.
Best advice: Leave it alone.