I mulch my leaves with the mower in my front yard where there aren't many trees. It works well. However, in the back yard, where the large oaks are, I mulch and, quite honestly, the turf looks much worse compared to the front yard. The leaves on our oaks don't fall until late November, they get rained on, snowed on, etc... the mower does a good job of chopping them up, but there's still streaks of leaf chips and compressed tire marks. It takes me about 4 passes to get them all mulched up, so that contributes to soil compaction VS 1 pass vacuuming/sweeping. It also consumes about 4X the fuel, and puts 4X the hours on the engine VS vacuuming/sweeping.
And, while oak leaves are acidic, they break down quickly, but they tend to turn the soil alkaline. As they decay, the nitrogen in the soil declines, so you have to fertilize.
Leaves are not a good fertilizer.
However, they are good at making the soil more fluffy, and grass likes that.
I prefer to pick up my leaves and dump them in the woods. If it's dry, I'll chop them up with the mower and sweep them up and if it's wet, I just sweep them up. A couple times a year I use my pallet forks to turn the leaf pile over, and if I need mulch or soil amendments, I go to the backside of the leaf pile where it's the oldest and dig out the black gold with my FEL and use it where I need it.