There is a lot more to missiles than just “range” and “damage” - a key concept is “application”: how much of their damage the missile actually does to the target it hits. That is a blend of explosion velocity and size compared to target speed and signature (size).
At it’s simplest, a missile size is best against ships of the same size - so a light missile (a small weapon) is best against small targets, such as Frigates and Destroyers. A medium weapon such as a Heavy missile is good against a Cruiser, but poor against a frigate and so forth.
Shooting up the scales, light against a Cruiser will apply well, but you could be doing more damage with Heavy missiles against the same target.
Rapid launchers bias this a bit because of their rate of fire - but that rate of fire is balanced by the long reload time.
So, Advanced missiles.
Rage/Fury Missiles are designed to do more damage, but at a cost of only being effective against bigger targets (so Rage Rockets are better than standard Rockets against Cruisers but poorer against Frigates).
Precision/Javelin missiles are designed to do more damage to smaller targets - less total damage, but better application.
This is balanced as well by differences in the effective ranges of these missiles.
You’ll normally take a mix of missiles and select the most appropriate for the targets you are facing.
I run missions with Cruise fitted Typhoon. For hitting frigates I’ll quite often switch to precision missiles; with a guidance computer and a painter you get good solid hits against them (of the “poof! gone!” sort).
Eve is a very deep and complex game with multiple aspects all interacting with each other.