This paper provides practical insights into the operational challenges of floating wind farms with long subsea cables and subsea substations. It evaluates the technical trade-offs between two system configurations of subsea substation: one with 66kV subsea switchgear and the other without it. The comparison focuses on voltage and reactive power control, grid code compliance, system protection, and switching overvoltage mitigation. Power system studies were conducted for a 400MVA floating wind farm module connected to shore via an approximately 120km 245kV AC subsea export cable and a subsea substation. Steady-state load flow simulations were performed using DigSilent PowerFactory to evaluate various operating scenarios. Different reactive power control strategies of wind power plant controllers (WPPC) were investigated and compared. Protection philosophy and relay coordination settings were developed and evaluated in NEPLAN for both system configurations. Electromagnetic transient (EMT) simulations using PSCAD were carried out to analyze fault clearance scenarios for both system configurations. Inter-array fault clearance was identified as one key scenario, particularly with respect to switching overvoltage.