Pros:
Time saver. When someone is taking care of maintenance and managing, you can spend more time focused on growing your business.
Reduced risk. Hosting support is important. With managed hosting you get highly specialized technical support that is always available and ready to help when issues arise.
Reliable. A managed hosting service will make sure the software running on your server was truly vetted and tested for stability. So your business doesn't suffer from availability issues due to poor reliability.
Excellent performance and high speed. Regular shared hosting is made for basic site needs, and an unmanaged dedicated server if improperly configured can slow down your site. Managed hosting solutions, on the other hand, provide a custom configuration tailored for your website and special plugins used there. This significantly speeds up the site and boosts website performance.
Cons:
Price. A managed dedicated server will cost you more than a bare-metal or shared hosting option. Keep in mind that with a bare-metal server, you don’t get the same level of support — just the basics.
Less Control. One of the disadvantages of a managed dedicated server is that hosting companies do not like to give complete freedom as they fear that inexperienced people could cause some server issues and instabilities. Overall, with managed hosting, you do not get total freedom. While experienced system operators could use the flexibility that unmanaged dedicated hosting offers.