If you slaughter them when they are fully grown, they only give mutton, pelt and hide but if you slaughter them when they are babies, they give prime meat as well. Haven’t tested different ages btw.
You should use Ovis for a mutton farm because mutton is like a less effective type of kibble. Most dinos Love mutton so this is a very useful way to use these!
If you wanna get wool without having to get ovis by just geting vegie cake make a cage with dino gate then get a argy to transport it into the cage then just simply shear it with scissors.