Walk the Line is certainly one of the better musical biopics. It differs from this in that it focuses far more on Cash's personal life, family, upbringing, etc. This is much more focused on the music. We learn next to nothing about Dylan's past, background, family, etc. But both are very good films. Walk the Line is still probably the better of the two, by a nose. But if we're talking music, I prefer this one.
That's an interesting point too. For instance, I definitely prefer Queen to Elton John, but Rocketman is a far better film than Bohemian Rhapsody. On the other hand, Rocketman is a musical, strictly speaking, rather than a musical biopic. Recently, the same is true of Better Man, which is also a musical. That's a pretty good film too, by the way. And I love the music in that one, which is always a bonus (I'd definitely consider myself a fan of Robbie Williams and Take That).
Of course, for me, the high musical biopic benchmark remains Control (about Joy Division's Ian Curtis). That's both in terms of musical preference and as cinema (it avoids all cliches of the genre, is brilliantly acted and directed, and is quite rightly utterly devastating without any rock and roll glamour). For others, The Buddy Holly Story is a pretty high watermark too, and I see their point, but Control is my personal favourite.