bones261 pretty much gave a thorough answer so I'll just give you a different answer for the first question.

Personally the only slight disadvantage I have with a hardware wallet is that it's quite a hassle to use compared to software wallets, as you'd have to connect this device to your computer via a usb cable, which is ever so slightly a hassle. No biggie though, having your crypto being secure is a bigger advantage that outweighs this small disadvantage.