Cons
Costs money (typically $100)
Can be lost or damaged, but has backups.
Needs backups of seed phrase
Needs backups of seed phrase is not a con.
This air-gapped operation greatly reduces the risk of attacks from malware or from hacking, as the wallet never exposes sensitive information.
According to what I saw about it online, before the seed phrase backup is done on the cards, it requires Internet connection. Is it true? For the seed phrase backup, it is displayed on the phone. The phone that can mistakenly be online or that people might not on the airplane mode while setting it up.
The secure element is compliant with the EAL6+ security certifications and is developed in collaboration with Samsung Semiconductors. The chip supports multiple cryptographic operations, ensuring that even if the card were to be physically compromised, the data within remains secure.
This is one of the initial reasons I was not a fan of Ledger Nano. Trezor maintain the open source even after they have secure element in safe 3 and 5. Why are other wallets not following the step?