Well, for one thing B365 has no USB 3.1 Gen2 like Z390. Not natively anyhow. It is limited to native USB 3.0.
No unlocked multiplier or fast memory on B365, so if he wants to upgrade his CPU later and be able to overclock, or run faster memory, which was the main point here, he'll need a Z board.
There are four more lanes on Z390, and for people wanting to run multiple M.2 devices or a lot of storage, or dual graphics cards (Even though we don't much recommend that anymore), those four lanes might be important.
No integrated wireless on any B365.
There are multiple PCIe express port configurations for the processor on Z390 but ONLY 1 x16 is possible on B365. Z390 supports 1x16 or 2x8 or 1x8+2x4.
I have noticed as well, with the few B365 boards that I've handled including the ASRock B365 Pro 4, that the PCB is a little thinner than on any mid tier or higher Z board, especially on cheaper B365 models. This is not an uncommon reality for lower end chipset boards but I honestly think it's a factor that should be considered when choosing a motherboard because the size of CPU cooler (Do to flexion from weight) that can be used on them might be a factor, and because in general they are more prone to problems with broken traces and solder points when the PCB is thinner, IF you do much tinkering that involved moving the case around a lot, vibration from travel, impacts or jarring, installation of things like graphics cards or memory that require downward force be applied in exact contrast to the directional strength of the PCB. In other words, in the manner which would best be used if you wanted to break it.
Fortunately, there are standoffs, so breakage is unlikely even on a thinner PCB, but we KNOW that damage, which is not the same as breakage, can still occur to traces, solder points and in some cases even to components themselves if they are rigidly attached to the PCB. Obviously it's not something that occurs FREQUENTLY with any certainty, but given a goodly amount of personal anecdotal evidence from situations where users have performed actions consistent with these type of potential damages I believe that it is highly probable. Probably a lot more so than what is even thought to be true.
I will grant that for the average person though, this is probably moot, since they will normally be installing things once, and never touching them again. But, for those who are not THAT type of person, it could be worth considering as a factor in the type and quality of board you choose.
I will agree though, that given the fact the OP already HAS that board, and memory, I'm not sure it makes any sense. Better would probably be to wait, and put that money towards an even newer platform that would likely only require the addition of a different CPU, and offer much greater gains than anything they are likely to get from only changing the board and memory. Especially if they can live with what they have now long enough to see what the upcoming 10nm Intel or Ryzen 4000 series parts look like.
I would not however be against a choice to change the board and memory if that is what they want to do. I've done it myself and changed from a Z170X-Gaming 5 to a Hero VIII because the Hero VIII had much more granular memory options in the BIOS and also changed memory configurations as well. To me, it was worth it, because I could use the existing board and memory elsewhere, or selling them is an option for most people, and the end result was a system that was better tuned and felt much snappier.
But sitting on what they have and putting that money towards an upgrade that offers more tangible benefits is certainly an option too.