The drawback is that evildoers can still attack the WPA2 handshakes and can force devices to downgrade, so you’re still getting effectively WPA2 level security until you actually turn off WPA2.
But if it doesn’t cost you anything, you can just turn it on and make their life just s little bit harder.
Admittedly it was a few years ago since I last tried, but even in WPA2 compatibility mode I had no end of trouble either getting things to join in the first place or weird stability issues afterwards.
Maybe things have improved now, but when 2 "just works" and is good enough for most use cases I've been reluctant to try 3 again.
Technically, the "best" option would be to VLAN the WiFi network separately from a wired network where all the important devices are connected.
But honestly, for normal people, that's over the top. Try WPA3 first and see if you have any devices that won't work over it. If you run into issues, swap over to WPA2. I generally say start stricter and loosen the metaphorical belt only as necessary.
It sorta depends on your physical security. If you live in a town, then sure, you can't know who's eavesdropping. But if you park in my yard, several hundred meters from the nearest public road, then I think we'd notice before you could do any damage.