Rooting an Android device can unleash the true power of Android operating system but it comes at price.
In recent developments, Google implemented a device integrity and certification checking mechanism known as safety net which is able to detect root or any tampering with system. So if you root your android you can't pass safety net and apps developed with safety net's API won't work as safety net will fail to pass.
Rooting an Android means you're now god of your device. You can do everything. But some malicious apps can use that root permission to damage or sometimes brick your device. Moreover it can spy on you and access everything as it has root permission.
By Rooting your android device, you won't be able to install any OTA updates as system is now tampered while rooting your device.
As I've mentioned, some banking apps, Tez and apps having a root checking mechanism won't work in your device unless you unroot device or use magisk manager for root that can hide root for selected apps.
Warranty of your phone might get void because not every manufacturer supports Rooting your device.
Nowadays unlocking your bootloader of your device is a must to get root, so you might get a warning screen at startup of your phone that the bootloader is unlocked.
However magisk can pass safety net with root as it provides system less root and also supports root hiding, but if you use xposed framework you might not pass safety net for now as there are no workarounds for that.
I've been a custom ROM and kernel developer for last 5 years and from my experience, root is a must for a power user but you should know how to manage root permission and not to give root permission to every app you install from any sources.