$\newcommand{\Y}{\mathcal{Y}}\newcommand{\X}{\mathcal{X}}\newcommand{\rmL}{\mathrm{L}}$As explained for example in Watrous' book (chapter 2, p. 79), given an arbitrary linear map $\Phi\in\rmL(\rmL( \X),\rmL(\Y))$, for every linear operator $X\in\rmL(\X)$ we can write the Kraus representation of $\Phi(X)$ as $$\Phi(X)=\sum_a A_a X B_a^\dagger,\tag1$$ where $A_a,B_a\in\rmL(\X,\Y)$.
As far as I understand it, the essential step in showing this is given in Corollary 2.21 of the above book, when we write the Choi representation as $J(\Phi)=\sum_a u_a v_a^\dagger$.
I've been trying to understand how the Kraus representation can be obtained more directly in the natural representation of $\Phi$, which essentially means to think of $\Phi$ as a matrix acting on the vectorized versions of the operators, via the equivalence $\rmL(\X)\sim\X\otimes \X$. In this representation, we can write $\Phi(X)_{ij}=\Phi_{ijk\ell}X_{k\ell}$, where $\Phi_{ijk\ell}$ are the components of the natural representation.
One can apply SVD to the four-index object $\Phi_{ijk\ell}$ separating $i,k$ from $j,\ell$, thus obtaining a decomposition of the form $$\Phi_{ijk\ell}=\sum_\alpha s_\alpha A^\alpha_{ik}\bar B^{\alpha}_{j\ell}.\tag2$$ This looks very close to the typical Kraus representation for a general map as given in (1). Being $s_\alpha\ge0$, one can also write $s_\alpha=\sqrt{s_\alpha}\sqrt{s_\alpha}$ and redefine the operators $A, B$ to contain $\sqrt{s_\alpha}$, thus getting an even more similar form.
What I'm wondering is: is this way of decomposing the channel via SVD equivalent to the Kraus representation? If so, we would also know additional properties for the $A_{ik}^\alpha, B_{j\ell}^\alpha$ operators, such as their orthogonality: $\sum_{ik}A^\alpha_{ik} \bar A^\beta_{ik}=\delta_{\alpha\beta}$ etc. In this sense, it seems to me that absorbing the singular values $s_\alpha$ into the operators, like is done in (1), is actually hiding information, because then we lose the orthogonality between the $A_a, B_a$. Does one approach have any advantage over the other (assuming they are both equally correct)?