I have disabled location access for all browsers from day one.
I know location services can give you better local results for stuff, but I don’t trust most websites and trackers to use my location data responsibly
What are the pros and cons so I can make a more informed decision?
I use Safari on iOS and macOS.
You already stated the pros and cons. Pros you have more useful results. Cons they know where you are and it can be used to track you.
Location data is extremely difficult to separate from an individual. Only four data points are needed to identify 95% of people. You should only give that information to websites you either trust entirely or if you need the local results.