Imho there is one big con:
You gotta find that housing waaay in advance, do all the paperwork and then pay that $$$.
Also, if you aren't already used to doing your own chores such as cleaning up (seriously guys, just pick up your own stuff) and I recommend cooking a majority of your own meals even though maybe only 20% do.
But as for pros...
No longer have to deal with parents and/or family/extended family.
Campus is now a 5 minute walk and not an XX->XXX minute drive that highly depends on traffic because traffic is awful at UTA
You don't have to check your gas every night before class to ensure you have enough gas to get there, or else you have to pump gas or wake up even earlier than you normally do (morning classes for me) to pump gas to get to school on time
If you want to join clubs, just walk up to one, whemever and wherever.
If you want to meet up with a group, you can do so any time because you're already at UTA
If you need to go to office hours/talk to advising, again a 10 minute walk worst case scenario in comparison to a drive (I personally don't like driving, but I am a good "driver" or good enough I guess, no crashes here) but the amount of time you save is amazing sometimes. (I was waking up at 6am, to cook my breakfast/eat/cook lunch (if not made previous night), bring lunch to school and leaving house at 6:50, hopefully get on campus by 7:45, get to class at 7:55. The semester I did on-campus housing I woke up at 7:30, made a sandwhich and left the apartment at 7:45. Ate sandwhich on way to class. Came back for lunch during my 2 hour break.)
I honestly think the procs are amazing and definitely worth it, especially if you're dependent on your parents. You need to become mpre independent and do your own things.
Only reason I didn't continue doing so is $$$ as my gpa tanked 4th semester, rip. Gotta save money where I can.
The main point is convenience. As a commuter you really are restricted in what you can and can't do. If you live on campus, you have so much more free time, you can do what you want when you want. As a commuter, any activity I do on campus has to either be vitally important or something I really wanted to do, such as doing some 3D printing at the library.
For me, the 40->80 minute drive (with traffic ofc) to and then back home every trip meant that if I wanted to meetup for a project, I had to waste 2-hours driving just to meet up. That's 2 hours I could have been studying, cooking, cleaning up, etc, and as I'm also a part-time worker, yea, time is valuable.