What this setting does is return your craft to level after a crash is detected by the FC when youre flying in acro. Pros of turning it on are, of course, the craft self recovers after a crash meaning you are potentially more likely to be able to fly away from a wall bump/minor collision that would otherwise send you tumbling. The cons (and why a lot of people, myself included, don't use it) are that you are not in control of the quad anymore while its recovering. Now this is only for a tiny fraction of a second and it generally happens faster than a human could even react, but giving up control at all is definitely a no go for some pilots. There is additionally the risk of false positives and the crash recovery triggering when youre doing some extra-spicy freestyle, since the FC is just using the onboard gyro and accelerometer data to detect a crash, but from what I understand if you leave the parameters at the defaults this is pretty uncommon.
Bardwell has a pretty good video on crash recovery including how to turn it on and tweak it, as well as flight footage of it in action thats worth watching before you make a decision
https://www.youtube.com/watch?v=5YyxIft9wKMBut the tldr is its personal preference really if you want it on, a whoop is definitely the best application for it since the prop guards/ducts usually mean youre just bouncing off of whatever you crash into anyway (no risk of props getting tangled up like in open prop quads) so there's not really much risk in just trying it and seeing if you like it