What is the primary difference between binaries located in /bin and /sbin versus /usr/bin and /usr/sbin?

Binaries located in the /usr trees have different permission sets.

Binaries located in /bin and /sbin are expected to be on the root partition to be available for single user or repair modes.

There is no difference other than historical preference.

Binaries located in /usr/bin and /usr/sbin are built exclusively by the system admin or users.

Answer:
Binaries located in /bin and /sbin are expected to be on the root partition to be available for single user or repair modes.

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