Pros:
1. Good earning.
2. If you work smart then you will have your own work hours.
3. No specific timing, sleep as much as you want.
4. No pressure, although some people get anxious with work life balance.
5. Learning while working, this is probably one of the best pros. When you are at a job you don't have any time to learn new things, while on fiverr you could spend time on learning new skills while keeping the balance.
Cons:
1. Unpredictable, can't rely on it. You should have multiple streams of income.
2. Perfectionist: it's a problem with me, I always try to go above and beyond, this results in some clients taking benefits. I also have anxiety of bad reviews which results in cancelations.
3. If you are a social person than this might be a problem as some people just spend way too much time freelancing and not going out much. This affects mental and physical health.
Overall, I think the pros are just too much. If you work smart then the cons can be minimized.