Pros
best way to continue paying bills while in-between jobs. No lesson prep needed you can still earn a living with enjoying two days off (not weekends though; that's where the money is, also assuming you live outside of the US, don't pay rent/mortgage, and live in a country where the dollar exchange rate is high or rising)… great for socializing during lockdowns.
Cons
No way to regularly video chat with colleagues, however there is a facebook group and reddit subs to chat with other tutors. So if you're a teacher out of job due to covid, you'll have to get used to not being able to chill/chat with other teachers during breaks. However, you end up developing friendships with some students who may be teachers as well, so that substitutes for the lack of no online meetings with colleagues. If its your only source of income, you need to plan ahead for when you're thinking of taking a few days off or a longer break. Since you'll be self-employed, your income stops the minute you stop accepting calls/tutoring; literally. Also, depending on your time-zone you might be stuck having to work after say from about 7-8pm till midnight.