Background/Objectives: Computer-assisted navigation in total knee arthroplasty (TKA) aims to improve implant positioning and lower-limb alignment. However, its impact on functional outcomes, complications, and implant survival remains uncertain. This study compared radiological and functional outcomes, complications, reoperations, and implant survival between computer-navigated and conventional primary TKA using the same VEGA prosthetic system. Methods: This retrospective observational cohort study included 277 primary TKAs performed for osteoarthritis using the VEGA system between 2019 and 2025: 119 navigated and 158 conventional procedures. Radiological outcomes included postoperative LDFA, MPTA, and HKA alignment. Clinical outcomes included range of motion, Oxford Knee Score (OKS), and Net Promoter Score (NPS). Complications, reoperations, and implant survival were also assessed. Implant survival was analyzed using Kaplan–Meier curves and the log-rank test. Results: The navigated group had a postoperative HKA closer to neutral alignment than the conventional group (177.4° vs. 173.8°, p = 0.0002), and a greater proportion of knees within ±3° of neutral alignment (55.32% vs. 18.75%, p = 0.0003). Excellent postoperative ROM was more frequent after navigation (63.06% vs. 16.46%, p < 0.001). Median OKS was also higher in the navigated group (44 vs. 43, p = 0.031), whereas NPS did not differ significantly. Complication and reoperation rates were similar between groups. Estimated five-year implant survival was 95.88%, with no significant difference between groups (log-rank p = 0.326). Conclusions: Computer-assisted navigation using the VEGA system was associated with more accurate restoration of the mechanical axis and differences in selected functional outcomes. No significant differences were observed in complications, reoperations, or estimated implant survival. The retrospective design, potential confounding by surgeon, and limited follow-up warrant caution when interpreting these findings.