"For a first-time visit, it would not be my choice. "
I disagree wholeheartedly.
At the beginning and end of your trip, it's good to be near the Alilaguna stops for the airport, and near the train station if that's how you are traveling.
Nothing worse than fighting your way over many bridges to get somewhere with luggage.
I've been to Venice 6 times, and apart from once, have always stayed in Canareggio.
It's convenient for everything; as many people have already said.
One block off the main street, and you will wonder where everyone is.
Lots of great bars and restaurants, but get off the main street for those.
OP: you are in for a treat!!
I'm envious, and hope you will report back when you get home!