You've hit the cons pretty well.

Some of the pros are - if you love the place and want to keep going back, then it's nice to know that you'll always have a spot there. It's nice knowing that you don't have to look for a place to book, and that it will be open whatever week you want to go. It's nice that when you arrive you've got all of your stuff there for whatever activities you love to do - so all you need to take is clothing.

Ultimately I kind of agree with you - that it's nice to go different places. But I can see the appeal to having a vacation home too. Especially as more work can be done remotely - might be nice to go spend a month somewhere and work remotely part of the time.