In deciding which is right for your project there’s a number of considerations
How concrete is the solution you're wireframing? If its early days in your project and you want to rapidly iterate and test ideas with end users, then sketching on paper and using a tool like POP can be a quick way to validate an idea through user testing and feedback. This will enable you to improve the flow and structure of content quickly without wasting too much effort.
How much time is available to you? If you haven’t got a lot of time on your hands and you don’t think there will be too much change, then you could jump straight to high fidelity wireframes - creating something closer to what the developers will be building.
Are there defined design guidelines? If your organisation/client has a style guide that defines standards for user interface design - and this is something the development team are using, then the fidelity of the wireframes isn’t so important. The developers can apply the design standards to build the interface without you having to produce pixel-perfect high fidelity wireframes.
Do you need stakeholder buy-in? If you’re trying to “sell” the concept to a client or business stakholders, high-fidelity designs will be far more useful in engaging those stakeholders and giving them a more accurate view of what the final product might look like.
Pros - quick, easy, cheap (you can even use paper), alllows rapid iteration through user testing
Cons - harder for users and stakeholders to visualise the end solution, if there’s no design standards in place there isn’t enough direction for developers to build
Pros - closer to the end product both in design and interaction
Cons - requires time, change becomes harder, people can get caught up in what the product looks like rather than focussing on content, structure and flow.
There’s probably more I could add, but these are the key things that come to mind. Hope this helps