Going long does not have to be as limiting as simply buying shares. By having access to options in an IRA, we increase our range of positions we can place.
Going long a 95-delta call option is similar to going long 100 shares of stock, but with a small negative theta component.
Over time, this theta can eat away at some profits from the directional component of the call, but you save 80% of your buying power compared to going long 100 shares (SPY).
Going long an in the money call is a tradeoff of having less buying power reduction and more negative theta.