I've been making them for about 30 years. After about 20 years, they are done. You can poke your finger through them by then.
Their advantage for me as a dwarf Cichlid breeder is twofold. First, they're cheap and easy to make. Second, if you can get a coconut that's covered in fibres, you can weave a little java moss into it and it'll take off. This provides a first feeding spot teeming with micro organisms when the female leads the fry out.
I generally don't boil things for aquariums, but I do give the half coconuts five minutes after the inconvenient white stuff has been removed, and the doors cut. They sink better. I've never had trouble with them staying in place though. I only use them for species in the 10cm-ish range though. They're useless to larger fish.
Nanochromis don't like them, preferring a flat ceiling they can dig out. Pelvicachromis and Apistogramma love them.