mysql – length of varchar column – is there any advantage to using 255?

I often encounter columns that are varchar (255), so presumably it's a convention of sorts. 255 is 2 ^ 8 – 1. So, is there anything "magical" in the lengths that are 2 ^ n – 1? Or just 255? Is there an advantage in terms of performance or storage for this type of length? Or is this old wisdom no longer applicable to current versions of MariaDB and MySQL?